Many lower-income economies have difficulty developing government securities markets (GSMs). A “Two-Dimensional Policy Framework for GSM Development” offers a solution to improve upon the twenty-year-old World Bank/IMF's conventional policy framework. It differentiates GSMs by their development phases and presents endogenously phase-coherent policy sets. This research found that the endogenous variables explained 40% of trading volume growth in the early phase of India's GSM development and that utilities played a dominant role in increasing trade volumes in the early-phase market. The framework is worth test-applying to GSM development in lower-income economies.