India's ambition to attract more foreign money into its financial markets is being buffeted again, having only just started to make progress after years of talk but very little action.
LONDON - India’s ambition to attract more foreign money into its financial markets is being buffeted again, having only just started to make progress after years of talk but very little action.
After years of rapid growth, India’s economy is facing its worst recession in recent history, unemployment has been catapulted to an unprecedented 24%, and extra government spending is expected to leave a yawning 11% budget deficit that will push the debt-to-GDP ratio beyond 80%. Brazil to South Africa in recent years have shown the cost of losing your investment grade stripes but what matters more, Evans added, was whether there was willingness and ability to get fundamentals back on a sounder footing.
World Bank head David Malpass has noted India’s equity market capitalization had grown to over $2.2 trillion but its debt market remains at a “nascent stage of development”. Noting the FAR changes, JPMorgan this month flagged India as one of four countries vying for possible GBI-EM inclusion. It could have chunky 7.8% weighting in the index, though with only 9% of debt stock currently covered by the new rules, the U.S. bank stopped short of suggesting it was imminent.
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