JP Morgan adds India to emerging market debt index; may boost G-secs

Industry experts say anything between $20 billion and $30 billion could flow in, at least on paper. There could also be more interest in Indian G-Secs among foreign investors

On September 20, 2013, Raghuram Rajan, the Reserve Bank of India Governor at the time, was in a conference call with the media.

The Central Bank had announced its latest monetary policy earlier that day and the Governor, who had taken charge 16 days earlier, was in an expansive mood.

In response to a question from a journalist about opening up the bond market, Rajan said: “There is some talk about bringing India into these bond indexes, what needs to be done. We will have conversations with the international index agencies, the entities, some of the investment banks that create