NEW DELHI: India’s plan to issue foreign currency debt has no real benefit and is fraught with risks, according to former Reserve Bank of India governor Raghuram Rajan.
The plan to sell bonds overseas comes as Prime Minister Narendra Modi faces shrinking options to raise funds as a slowing economy crimps tax revenues. India should instead relax the requirement for foreigners to register as foreign portfolio investors and increase the current ceilings on investment in government rupee bonds, he said.
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