The math of index inclusion

The case for a capital-deficit emerging market economy like India to dip into the global savings pool to fund its investment needs is rather obvious. You cannot, however, always choose the quality of money you get. The relatively incremental approach over the years from Indian policymakers towards global debt portfolio capital has reflected their concerns about the potential for such flows to engender volatility in asset prices. That the government has announced in the recent Budget its intention of having its bonds listed on global debt benchmarks is, in that context, a significant and welcom.....

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