A trader reacts while speaking on a fixed line telephone as he looks at financial data on computer screens on the trading floor at ETX Capital, a broker of contracts-for-difference, in London, U.K. (Photographer: Luke MacGregor/Bloomberg)
Since at least 2014, India has aspired to become part of the global bond indices. Along the way, a number of issues cropped up.First, India had too many restrictions on overseas flows into local bonds. There were caps on overall inflows and separate limits across different categories. The RBI, not willing to lift the overall cap, found a work-around and opened up certain securities fully to foreign investors. That earned India a more...