'We don’t want Indian economy to be controlled by': Top finmin official on hot money
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India's $1 trillion bond market is expected to receive about $40 billion of inflows on inclusion into JPMorgan Chase & Co.’s emerging index. Finance Secretary TV Somanathan stated that the government will take action to prevent hot money from coming in and to maintain control over the Indian economy. Inflows have already started, with over $6 billion invested in index-eligible debt since the inclusion announcement in September. HSBC Asset Management predicts that India’s bonds will receive $100 billion of inflows in the coming years. Somanathan also criticized rating agencies for not upgrading India's rating despite plans to reduce the budget deficit to 5.1% of GDP.
#IndiaEconomy #HotMoney #BondMarket #Inflows #FinanceSecretary #RatingAgencies #BudgetDeficit
https://www.businesstoday.in/markets/top-story/story/we-dont-want-indian-economy-to-be-controlled-by-top-finmin-official-on-hot-money-416022-2024-02-03
Business Today /
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2024-02-03 04:46:52
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npub10krv5xyz57fwv0upm7fgx90w8m2xulqkzzxml2d9d433rwrlmwpsyffpj8Published at
2024-02-03 04:46:52Event JSON
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"content": "'We don’t want Indian economy to be controlled by': Top finmin official on hot money\n==========\n\nIndia's $1 trillion bond market is expected to receive about $40 billion of inflows on inclusion into JPMorgan Chase \u0026 Co.’s emerging index. Finance Secretary TV Somanathan stated that the government will take action to prevent hot money from coming in and to maintain control over the Indian economy. Inflows have already started, with over $6 billion invested in index-eligible debt since the inclusion announcement in September. HSBC Asset Management predicts that India’s bonds will receive $100 billion of inflows in the coming years. Somanathan also criticized rating agencies for not upgrading India's rating despite plans to reduce the budget deficit to 5.1% of GDP.\n\n#IndiaEconomy #HotMoney #BondMarket #Inflows #FinanceSecretary #RatingAgencies #BudgetDeficit\n\nhttps://www.businesstoday.in/markets/top-story/story/we-dont-want-indian-economy-to-be-controlled-by-top-finmin-official-on-hot-money-416022-2024-02-03",
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