Indian govt bonds in JPMorgan debt index shows confidence in Indian economy: DEA Secy
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Welcoming JPMorgan’s decision to include Indian government bonds in its widely tracked emerging market debt index, the union finance ministry on Friday said the development shows confidence in the Indian economy. The decision by JPMorgan will enhance dollar inflows in the Indian economy.
"It is a welcome development showing confidence in the Indian economy," says Ajay Seth, secretary, department of economic affairs (DEA).
Chief Economic Advisor V Anantha Nageswaran says the move attests the confidence of global financial markets on India. “We welcome this development. JPMorgan has made this decision on its own,” says Nageswaran.
“It attests to the confidence that financial market participants and financial markets, in general, have on India’s potential and growth prospects and its macroeconomic and fiscal policies. Just as long-term equity investors have been amply rewarded by investing in Indian markets, so will long-term investors in Indian government bonds be,” Nageswaran adds.
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As per JP Morgan, the inclusion of Indian bonds will begin on 28 June, next year and extend over ten months with 1% increment on its index weighting, as India is expected to reach the maximum weighting of 10%. JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible for the inclusion, all falling under the category of "fully accessible" for non-residents.