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India considering tapping NRIs to boost dollar inflows, strengthen rupee

wap.business-standard.com
India considering tapping NRIs to boost dollar inflows, strengthen rupee

Prime Minister Narendra Modi’s government is considering tapping Indians living overseas to lure foreign exchange flows and prop up a sagging rupee, according to people with knowledge of the matter. Officials from the finance ministry and the central bank are discussing a plan to raise money from non-resident Indians, the people said asking not to be identified as the information is not public. An announcement regarding the method may come as early as this month, they said, without providing further details. India is seeking to boost flows to support its currency that has declined more than 14 per cent against the dollar this year making it Asia’s worst performer. The risk of a widening current-account