The Reserve Bank of India, in a borrowing plan released, stated that the new bond had been introduced, thereby extending the nation's yield curve, in addition to the 30-year and 40-year tenor debt previously sold. India's $ 1 trillion sovereign debt market is undergoing significant changes due to the burgeoning life insurance and pension fund industries, fuelled by a growing middle class. This shift is reducing the government's reliance on bank purchases to fund its record borrowings, a move supported by the strong demand from investors. Gaura Sen Gupta, an economist at IDFC FIRST Bank, noted in a statement that the robust investor demand could be attributed to the formal sector's expansion, where households are allocating a higher share of financial savings in life insurance, pensions, and provident funds. The authorities are striving to increase the tenure of debt sold. This initiative is fuelled by the anticipation of declining yields following India's inclusion in JP Morgan Chase & Co.'s emerging market index.