JPMorgan on Friday said it will include India in its widely-tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world’s fifth-largest economy.

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India’s local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and all the index suite, including select bonds in an investment grade-only index.

JPMorgan said 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible.

Inclusion will start on June 28, 2024, and extend over 10 months with 1 per cent increments on its index weighting, as India is expected to reach the maximum weighting of 10 per cent, JPMorgan said.

India began discussion on including its debt in global indexes in 2019, while also talking to Euroclear about clearing and settlement.