Households Buy Most Tax-Exempt Debt Since 2002: India Credit
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Individuals in India are buying the most bonds in eight years, taking advantage of tax breaks and providing funding to build the roads, railways and power plants needed to sustain growth in Asia’s third-biggest economy.
Indian Railway Finance Corp., the finance unit of the state-owned rail network, opened a sale on Nov. 15 to raise as much as 30.8 billion rupees ($675 million) of five-, seven- and 10-year notes. This year’s sales to individuals exceed 50 billion rupees, the most since about 56 billion rupees were sold in the fiscal year ending March 2002, according to Securities and Exchange Board of India data.