The document analyzes India's debt market and provides suggestions to make it more robust to support economic growth. It summarizes that India's debt market is dominated by government bonds, and the corporate debt market accounts for less than 5% of the total market. It identifies several problems on both the demand side like regulatory restrictions on institutional investors and low retail participation, and on the supply side like reliance on private placements and lack of innovative instruments. The document concludes by recommending ways to address regulatory overlapping, increase product simplicity and liquidity, provide tax incentives, ease issuance processes, and develop the secondary market to strengthen India's corporate debt market.