The budget unveiled by Prime Minister Narendra Modi’s government Saturday left virtually every domestic constituency unhappy. Luring overseas investors to high-yielding Indian assets amid a global coronavirus scare is the preferred strategy. But yield-starved overseas investors will get full access to parts of the rupee-denominated Indian government bond market, where 10-year yields are a juicy 6.6%. However, an honest embrace of global capital this isn’t. But ultimately it’s Indians who will have to believe in a pro-growth message to generate a return for themselves as well as for global capital.

Source: Washington Post February 03, 2020 04:18 UTC