India Never Sold Foreign Debt. Its First Attempt is Failing
- Opponents say it may increase reliance on foreign borrowing
- Stable government and high forex reserves may help quell fears
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India’s foray into international debt markets may consist of little more than sound and fury, as the nation struggles to shed decades of trepidation about borrowing in foreign currencies.
A fanfare announcement in the July budget has been followed by the removal of the official driving the sale, objections from the prime minister’s office, and finally an admission from Finance Minister Nirmala Sitharaman that no work has been done on the mooted $10 billion offering.