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Debt index inclusion to strengthen rupee: CEA
Mint Mumbai
|September 23, 2023
The development will also help the government reduce borrowing costs
Gireesh Chandra Prasad gireesh.p@livemint.com NEW DELHI T he inclusion of Indian government securities in the JP Morgan emerging markets debt index has the potential to make the rupee stronger and reduce the government's borrowing costs, chief economic advisor in the finance ministry V Anantha Nageswaran said on Friday.
Citing private sector estimates, the economist said the annual fund inflow into Indian government bonds could be in the range of $20-25 billion. However, he added, there was no official estimate from the government on potential dollar inflows. It would be a source of financing the current account deficit, he said.
Although the development could create volatility in the Indian bond market and in the currency in times of global uncertainty, the benefits of such inclusion outweigh the risks, Nageswaran told reporters.
This story is from the September 23, 2023 edition of Mint Mumbai.
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