......The easy monetary conditions across the globe lulled Indian policymakers into making it easier for Indian borrowers to gorge on foreign debt. Then the gaping current account deficit led them to successively increase foreign investment limits in rupee debt since the end of 2011. The market for government bonds was also opened up. The limit for foreign institutional investors to invest in government bonds was raised again on Wednesday. These could prove to be costly mistakes, because they could put economic stability at risk in case there is a wave of global risk aversion........
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