Dr.Y.V.Reddy, former governor of Reserve Bank of India (RBI), has rejected the view held by his successor at the central bank that a developed corporate bond market is necessary to fund infrastructure. Instead, he called for good governance by indicating that public policy should play an active role in funding infrastructure. “Bad governance will feed in itself for bad finance (and misallocation of resources),” he said. Both Subir Gokarn, Deputy Governor, and Deepak Mohanty, Executive Director, called for a need to develop corporate bond market to help financing of infrastructure at a seminar on ‘Investment and Its Finance’ in Mumbai over the past two days.
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