.........On Tuesday, the Reserve Bank of India said it will issue the instruments, which will have a ten-year tenure, starting November or December. The rate of interest on the bonds will be a fixed rate plus inflation. Although world over such bonds have been used as a way to attract small investor savings, India is only now issuing them. Mr. Rajan’s Diwali gift is more than a kind gesture. It is squarely aimed at weaning Indian investors from buying gold, which is traditionally viewed as a safe hedge against inflation........
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