The inclusion in global bond indices must wait till our macroeconomic fundamentals are on a sound footing.
"Nothing," said Victor Hugo, the famous 19th century French writer and politician, "is as powerful as an idea whose time has come." Flip the statement around and, hey presto! What follows is that inclusion of Indian bonds in global bond indices is clearly an idea whose time has not yet come! Otherwise, it would have swept all else before it. After all foreign brokerages, eyeing lucrative commissions and other fees, have been lobbying for months with the government to allow such inclusion.