India Inc, yani desh ki badi companies, ne videshi bond jari karna kam kar diya hai. Ye trend aaya hai domestic liquidity ke behtar hone aur rupee ke kamzor hone ki wajah se. Seedhi baat hai, jab desh mein hi paise milna aasan ho jaaye aur videshi currency mein udhaar lena mehnga padne lage, toh companies apna ghar nahi chhodengi.
Kya hua hai asal mein?
Indian companies jo capital jama karne ke liye overseas bond market ka rukh karti thi, ab uspe kam depend kar rahi hain. Overseas bond ka matlab hota hai ki koi company America ya Europe jaise markets mein jaakar dollar ya euro mein apne bonds bechti hai, taaki use videshi currency mein paise mil jaayein. Lekin ab yeh trend ulta ho raha hai. Companies ab local markets ki taraf zyada dekh rahi hain fundraising ke liye.
Do wajahon ne badla companyon ka plan
Is badlav ke piche do mukhya wajhein hain. Pehli wajah hai improved domestic liquidity. Iska matlab hai ki Indian banking system mein paise ki availability behtar hui hai. Banks ke paas udhaar dene ke liye zyada paise hain, aur lending rates bhi competitive ho sakte hain. Jab ghar par hi paisa aasani se mil raha ho, toh bahar jaane ki kya zaroorat?
Doosri aur bhi badi wajah hai rupee ka kamzor hona. Jab rupee dollar ke muqable kamjor hota hai, toh overseas bond jari karna Indian companies ke liye mehnga padta hai. Kyunki, company ko future mein dollar mein apna qarza chukana hota hai. Rupee girne ka matlab hai ki us qarze ko chukane ke liye company ko zyada rupaye kharch karne padenge. Is financial risk ne bhi videshi bonds ko kam attractive bana diya.
Local fundraising ab zyada 'attractive' kyun hai?
In dono factors ne milkar local fundraising ko zyada attractive bana diya hai. Local market mein paise uthana ab companies ke liye sasta aur predictable ho gaya hai. Iska ek direct fayda yeh hai ki companies currency exchange ke risk se bach jaati hain. Saath hi, domestic regulators se deal karna bhi relatively aasan hota hai. Ye shift dikhata hai ki India ka financial system apne aap mein mature ho raha hai, jahan companies ko bahar bhatakne ki zaroorat kam pad rahi hai.
Hamaari Baat: Desi paisa, desi faisla
Seedha point dekhein toh yeh ek positive development hai. Jab India Inc apni funding ke liye domestic sources pe zyada bharosa dikha rahi hai, iska matlab hai hamara financial ecosystem mazboot ho raha hai. Banks mein liquidity ka matlab hai ki projects ke liye paise milenge, jo economic growth ko fuel karega. Rupee ke kamjor hone ka risk companies samajh gayi hain, aur woh ab usse bachne ki soch rahi hain. Ye ek samajhdari bhara kadam hai.
Lekin, isme ek chinta ki baat bhi hai. Agar domestic liquidity kabhi tight hoti hai ya interest rates bahar chale jaate hain, toh companies phir se overseas markets ki taraf dekh sakti hain. Isliye, RBI aur government ko yeh ensure karna hoga ki domestic funding channels saste aur efficient bane rahein. Overall, yeh trend dikhata hai ki Indian companies ab apne financial decisions mein zyada mature ho rahi hain, jo ki achhi baat hai.
Sources & References
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