Debt markets can be broadly classified into several types depending upon the nature of the debt instrument and the issuers. Let's discuss it in detail:

1. Government Securities Market:
Probably termed as the "G-Sec" market, the government securities market is a debt instrument issued by central, state, or local governments. They are also popularly known as government bonds or treasury bills. This kind of debt market is one of the safest because it is unlikely that the government will default.

• Treasury Bills (T-bills): These are short-term debt instruments (usually less than a year in tenure) sold at a discount and redeemed at face value at maturity. T-bills are commonly used by the government to finance short-term funding.

• Government Bonds: A long-term security with fixed interest payables over years. They are suitable for investors who require consistent return over a longer period.