Abstract: Organization accomplishes their financing need through markets. Debt market is also an important source of funding for organization. A well established debt market acts as an opportunity for borrowers and investors. Indian debt market does not have that developed status as compared to developed one. It’s required to develop for future growth. The objective of this research study is to identify the factors which are crucial for the development of retail corporate debt market. The study has analytical approach. Convenience sampling has been used to collect data. Liquidity is the major factor that hinders the growth and development of Indian corporate debt market. Market structure, regulatory framework, risk and return have higher degree influence on market liquidity. A developed debt market is an opportunity for the growing Indian economy.