Fix India's bond market to lift economic growth

As India's economy slows, we should revive public-private partnerships to attract private investment. But, for debt funding, we'll need to reform and invigorate our market for bonds.

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At 6.4%, India's likely growth rate for 2024-25 as estimated by the National Statistics Office, would be lower than not just earlier estimates, but even the recently revised estimate of the central bank. Mint columnist Vivek Kaul has pointed out how non-financial listed companies have struggled to grow net sales by just a percentage point and how household indebtedness has risen. Talk of India being the world's fastest growing large economy brings little cheer to Indians, except at top levels of the pyramid. In 2024-25, only agriculture and government services are likely to grow faster than in 2023-24, and that too, only marginally. To step up the pace of India's economic expansion, we need proactive policy. The question, of course, is how. Investment is the surest way to lift the economy's trajectory, with its multiplier effect. And it is not enough to rely just on public expenditure, which wins plaudits for the focus of its outlay, but does not always get spent on the ground. Figures from the controller of government accounts show that, up