Book on India's Bond Market Launched at IIT Guwahati With Former RBI Governor's Foreword

A new book titled Indian Bond Market — Structure, Conduct and Macroeconomic Impact was launched at IIT Guwahati on April 11, 2026, drawing academics, economists, and financial experts for an intellectually engaging evening.

The book is co-authored by Dr Geetima Das Krishna and Prof. Biswajit Nag, with the foreword written by Dr D. Subbarao, former Governor of the Reserve Bank of India.

Distinguished guests including Prof. Devendra Jalihal, S.C. Das, and Prof. Gautam Mazumdar attended the launch, alongside faculty members from IIT Guwahati and other invited guests.

At the centre of the evening's discussion was a segment of the financial system that rarely makes headlines — the bond market.

While equity markets tend to dominate public conversation, bonds are often seen as the quieter, less glamorous alternative. Speakers at the event pushed back firmly against that perception, stressing that bonds are neither dull nor risk-free, and that overlooking them comes at a cost.

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The book's release comes at a particularly relevant moment. As India works toward becoming a developed economy by 2047, building a deep, efficient, and transparent bond market is increasingly seen as a necessity rather than an option.

The authors argue that the bond market's role in India's broader financial architecture has long been underappreciated.

The first section lays out the fundamentals of the Indian bond market in a clear and structured way, tracing the evolution of various bond segments and the reforms that have shaped them over time.

A notable portion of the book examines the dual role of the Reserve Bank of India — functioning simultaneously as the government's debt manager and as the steward of monetary stability, a balance that carries significant implications for markets.

The second section offers empirical analysis, with a particular focus on the yield curve as a communication channel between policymakers and financial markets — an area that is closely watched but rarely explained accessibly for wider audiences.