The comment by Arvind Mayaram, the Economic Affairs Secretary at the Finance Ministry, came in response to a question from reporters about whether India was considering lifting FII limits in order to qualify for inclusion into benchmark global bond indices.

India will also consider allowing local companies to issue rupee-denominated bonds abroad, marking a new step in the internationalization of the rupee. International Finance Corp, the private sector arm of the World Bank, in October 2013 launched a USD 1 billion rupee-linked bond.

RBI Governor Raghuram Rajan had earlier said that Indian officials are speaking to the index compilers about potential inclusion of domestic debt.

(Agencies)

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