<h1>Indian capital markets: calibrated liberalisation, infrastructure upgrades and investor protection to deepen liquidity and risk management.</h1> The speech identifies enabling drivers (macroeconomic stability, market autonomy, efficient legal/judicial systems, effective regulation) and capital market drivers (timely high quality information, investor diversity, robust trading infrastructure, managed international openness, and complementary hedging/funding markets). It summarises India's progress in G Sec, SDL and corporate bond markets, regulatory shifts toward principle based rules, infrastructure upgrades (anonymous trading, LEI, benchmark administration), calibrated relaxation of investment limits for banks and FPIs including VRR, and remaining gaps in disclosure quality and non bank resolution frameworks.