जागतिक निधीत एक्सपोजर वाढल्याने कर सवलती भारतीय बाँडच्या परदेशी मागणीला चालना देतात

केंद्र सरकारने कर प्रोत्साहन जाहीर केल्यानंतर आणि परदेशी गुंतवणूकदारांसाठी गुंतवणुकीचे नियम सुलभ केल्यानंतर, देशाच्या कर्जबाजाराची मागणी मजबूत केल्यानंतर आणि रुपयाला पाठिंबा दिल्यानंतर जागतिक गुंतवणूकदारांनी भारत सरकारच्या सिक्युरिटीजची खरेदी वाढवली आहे.

बिझनेस स्टँडर्डने रिपोर्ट केल्याप्रमाणे, क्लिअरिंग कॉर्पोरेशन ऑफ इंडियाच्या नवीनतम डाटानुसार जून 5 रोजी घोषित केलेल्या पॉलिसी बदलांपासून परदेशी गुंतवणूकदारांनी index-पात्र सरकारी बाँडमध्ये जवळपास ₹32,630 कोटी (सुमारे $3.5 अब्ज) प्रवेश केला आहे. Part of the increase also reflects the expansion of the list of securities eligible under the investment framework.

भारतीय मार्केटमध्ये इन्व्हेस्ट करा आणि 5paisa सह भविष्यातील क्षमता अनलॉक करा!

आत्ताच अकाउंट उघडा

The government removed taxes on income and capital gains arising from certain government securities held by foreign portfolio investors. It also relaxed ownership restrictions on select bonds, while the Reserve Bank of India introduced measures to lower hedging costs for eligible non-resident deposits and overseas borrowings by Indian companies.

Global Investors Increase Interest

Several global asset managers have responded positively to the policy changes. Pictet Asset Management and Neuberger Berman Group are evaluating higher allocations to Indian government bonds, while M&G Investments has adopted a more constructive stance following the reforms.

Low Guan Yi, Head of Asia Fixed Income at M&G Investments, told Business Standard that India’s policy approach has improved its position relative to several other emerging markets, where authorities continue to face greater policy constraints.
According to Deloitte India, the removal of taxes could improve post-tax returns for overseas investors by 15% to 20%, making Indian government securities more competitive within global emerging market portfolios.

Policy Support Strengthens Market Appeal

The latest reforms were introduced after the rupee came under pressure amid rising crude oil prices and sustained foreign equity outflows, pushing the currency to record lows last month.

Unlike several Asian economies that have relied primarily on monetary tightening to support their currencies, India has focused on attracting long-term foreign capital through structural policy measures.

Bank Indonesia recently delivered an unexpected interest rate increase and intensified currency market intervention to support the Indonesian rupiah. Philippine authorities have also taken steps to discourage speculative pressure on the peso after previous rate hikes.

Carrie Liaw, Senior Investment Manager for Emerging Market Fixed Income at Pictet Asset Management, told Business Standard that India offers an attractive combination of relatively higher yields and lower volatility compared with several other emerging market debt destinations.

Rupee Recovers as Bond Market Outlook Improves

The policy initiatives have also contributed to an improvement in the rupee. After touching record lows near 97 against the U.S. dollar last month, the currency has recovered in recent sessions, posting its longest winning streak in about a year.

It was also reported that the reforms could improve India’s prospects of eventually settling government securities through Euroclear, a move that would simplify access for international investors and enhance participation in the domestic bond market.

Despite the renewed optimism, some global fund managers continue to monitor geopolitical developments before increasing allocations. Aberdeen Investments believes recent tensions in the Middle East could keep investors cautious in the near term, although periods of volatility may create opportunities for long-term investments in Indian government bonds.