, Nov. 5 -- The government plans to undertake a series of reforms to deepen and diversify the country's capital market, simplify the initial public offering (IPO) process and reduce the dependence of industries and infrastructure projects on bank financing.

According to a budget document, the government aims to transform the capital market into an effective source of long-term financing for productive sectors, infrastructure development, technology-driven initiatives and promising businesses.

An effective capital market is essential for mobilising long-term funds, as excessive dependence on bank loans for industrialisation, infrastructure and urban development increases pressure on the financial sector,the document says.

The government...