India's entry into global bond indices likely put off till FY24

India’s entry into global bond indices will happen later, possibly in FY24, because the conditions are not right now, said a government official.
 

The proposal — which was debated for months at various levels within the government — has been apparently held back at the senior level after considering all the alternatives. “There are some constraints other than tax treatment of capital gains, including the glide path on the fiscal deficit and the huge rise in our borrowings. It is difficult to offer the levels of comfort needed by pension and insurance fund investors who populate these indices,” said the