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REIMAGINING INDIA Figure 5: Trends In Major Banking Variables (1970-99) tional change and consolidation, technological upgrading and human resource development. Figure-3 compares major macroeconomic variables in the pre-reform and post-reform period. The banking sector reforms specifically included the following measures: The RBI reduced the CRR from 15 percent in 1991 to 5.75 percent in November 2001. The cash reserve ratio was further reduced to 4.5 percent in May 2004, although it remains higher than its statuary minimum level of 3 percent. The SLR has been reduced from 38.5 percent in 1991 to 25 percent 124 THE IIPM THINK TANK
Pramod K.Yadav Ritesh Agarwal Doctoral Students, Indian Institute of Management (IIM)-Ahmedabad Indian Corporate Bond Market: The Road Ahead "In the age of globalization, where vast amounts of capital can be moved across the world with a mere computer keystroke, functioning bond markets are more important than ever. So is having a group of infl uential, globally known bond buyers who can alert the government if its policies are roiling markets, either by dumping its debt or speaking out. It's incredibly important that India's government and central bank continue to nurture the market's growth. India needs to take advantage of the favorable economic climate to strengthen regulation, improve transparency and bolster liquidity. It also needs to act faster to increase foreign investors' ability to move funds here. were put to productive use here. investor and business confi dence...India is stepping up efforts to do just that. For all China's advantages, bonds are one important area where India is ahead. It means markets here in Mumbai are likely to have their own Bill Gross before Shanghai does." William Pesek Jr., International Herald Tribune,(IHT), October 11, 2004 The Corporate Debt Market in India is underdeveloped, both in terms of the market participation and efficient price discovery; and the volume of fixed income securities is very small as compared to equity market. Most of the big Indian Corporate still seek bank finance and retained earnings to fulfill their funding requirements. Primary corporate debt market is dominated by non-banking finance companies and the total corporate debt market is a minuscule 2 percent of the total debt market. Over the years, Indian firms have relied more on the equity market, retained earnings and bank loans to fulfill the funding requirements. To make the matter worse, the secondary market in corporate bonds has also not picked up as desired. Securities Exchange Board of India (SEBI) and the stock exchanges did realize the need of corporate bond and introduced various regulations to provide an impetus to the bond market; however none of the regulations or norm could yield the desired results. The debt market in India is broadly classified as government securities market and corporate securities market. The Indian debt market is highly skewed towards government securities market. Total outstanding debt of India has increased over the years and was around 36 percent of the GDP in 2004-way below the mature financial markets (IMF,2004). The current government bond segment resulting from persistently high fiscal deficits and regulatory requirement in India is about 40 percent of the GDP –at par with the well functioning financial markets. Nearly 90 percent of the bonds issued in India are government bonds. The enormous size of the government bond market is not surprising considering the persistent high fiscal deficit and consequentially high public sector borrowings. Mandatory requirement on the part of banks to invest through statutory liquidity reserve (SLR,currently at 25 percent) compounds the problem. Perceived risk free nature 132 THE IIPM THINK TANK
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THE INDIA ECONOMY REVIEW 2007 Volum
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ethink edify edify delineate rethin
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SEARCH, SIEVE, SCHEME... “Researc
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Christopher LINGLE, Professor of Ec
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REIMAGINING INDIA rights as group r
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Lawrence Surendra, Planning Commiss
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REIMAGINING INDIA of globalization,
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REIMAGINING INDIA systematic underi
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REIMAGINING INDIA and South-East As
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Pradeep Banerjee, Independent Consu
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REIMAGINING INDIA yet another Scot
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REIMAGINING INDIA ‘native despot
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REIMAGINING INDIA mean a slow down
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Anandajit Goswami, Associate Fellow
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REIMAGINING INDIA country grows it
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Amal Sanyal, Associate Professor, L
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REIMAGINING INDIA then the resource
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REIMAGINING INDIA entry tickets or
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Nilanjan Banik, Associate Professor
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REIMAGINING INDIA Table 2: Reforms
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Shripad Dharmadikary Manthan Adhyay
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REIMAGINING INDIA the same. The pro
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REIMAGINING INDIA has a religious g
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D.M.Diwakar, Professor of Economics
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REIMAGINING INDIA During 1990-91 to
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REIMAGINING INDIA was lowest in STs
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REIMAGINING INDIA cide in Wayanad D
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REIMAGINING INDIA which is always d
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Anu Singh, Professor of Economics,
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REIMAGINING INDIA age in the eighti
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REIMAGINING INDIA period. Also, the
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Anindo Banerjee, Head, Programme In
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REIMAGINING INDIA a complex interpl
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REIMAGINING INDIA solution, or do t
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Anjani Sinha Managing Director & CE
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REIMAGINING INDIA let us take the c
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REIMAGINING INDIA etc. The idea is
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Page 97 and 98: Ahmedabad Amreli Banaskantha Baroda
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Page 107 and 108: Deepika Wadhwa, Research Scholar, C
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Page 147 and 148: REIMAGINING INDIA Taxes, Corruption
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Page 167 and 168: Shubha Ghosh Professor of Law SMU D
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THE OTHER PATH Sr. Director HR on w
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TENANCY REFORMS brief outline of th
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TENANCY REFORMS or indefinite cesse
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TENANCY REFORMS cent in kind or cas
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THE HUMAN FACTOR THE INDIA ECONOMY
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P LANMAN TECHNOLOGIES KNOWLEDGE . I
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