India Inc’s fundraising through rupee bonds slowed down in FY24 after a strong growth in the previous fiscal. Companies raised ₹11.06 trillion through rupee bonds in FY24, marking an all-time high, but the growth of 21% was slower compared to the previous year’s 51% increase.
In FY23, Indian firms raised ₹9.9 trillion, showing a similar growth trend. The year 2021 also saw a significant rise in corporate fundraising through rupee bonds, with companies raising ₹570,651 crore, a 54.6% increase from the previous fiscal year.
The recent changes in taxation rules for debt mutual funds have impacted the flow of capital, with the tax for the highest slab increasing from 20% to 39-40%. This has made investments in these instruments less attractive for investors seeking optimal returns.
According to experts, there is a need for a strong push towards the issuance and subscription of corporate bonds to achieve a $5-trillion economy and reduce the burden on banks. This may require a relook at reducing taxation on bonds compared to equity.
Key issuers of rupee bonds in FY24 included Reliance Industries, Nabard, HDFC Bank, and Goswami Infratech. The economic outlook of India and easing long-term yields continue to drive the corporate bond market, with demand fueled by government policies, softer interest rates, and infrastructure development.
Looking ahead, experts expect manufacturing to pick up in FY25, with increased production capacities and heightened activity post-elections. The focus on capital expenditure and long-term growth is expected to drive continued funding in the corporate bond market. “10 Tips for Improving Your Mental Health”
1. Prioritize self-care: Make time for activities that bring you joy and relaxation, whether it’s reading a book, taking a long bath, or going for a walk.
2. Exercise regularly: Physical activity has been proven to have a positive impact on mental health, so try to incorporate exercise into your daily routine.
3. Practice mindfulness: Take time to be present in the moment and focus on your thoughts and feelings without judgment.
4. Connect with others: Social connections are important for mental health, so don’t be afraid to reach out to friends and family for support.
5. Set boundaries: Learn to say no when you need to and prioritize your own well-being.
6. Seek professional help: If you’re struggling with your mental health, don’t hesitate to reach out to a therapist or counselor for support.
7. Get enough sleep: Lack of sleep can negatively impact your mental health, so make sure you’re getting enough rest each night.
8. Limit screen time: Spending too much time on screens can have a negative impact on your mental health, so try to limit your screen time and take breaks when needed.
9. Practice gratitude: Take time each day to reflect on the things you’re grateful for, whether it’s a beautiful sunset or a kind gesture from a friend.
10. Be kind to yourself: Remember that it’s okay to not be okay sometimes, and be gentle with yourself as you navigate your mental health journey.