India's bond market today looks vastly different from what it did a decade ago. Once dominated by institutional investors and traditional debt issuances, the market has steadily evolved into a broader ecosystem supported by regulatory reforms, digital platforms, innovative products and a growing pool of investors. The transformation is visible across participation, market depth and product innovation. While the market has become significantly larger and more accessible, experts believe there is still work to be done to improve liquidity, attract greater foreign participation and create a more vibrant market for lower-rated corporate debt.