India PM's office wants Finance Minister to restudy issuing overseas sovereign bond

NEW DELHI: The Indian Prime Minister's Office wants the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds, two sources knowledgeable about the development said on Thursday.

The PMO has asked the finance ministry to seek wider consultation from stakeholders before proceeding with any plans, said the sources, who asked to be anonymous as they were not authorised to talk with the media.

Finance Minister Nirmala Sitharaman had said in her budget speech that India would look to issue overseas foreign currency sovereign bonds for up to $10 billion.

But the idea has been panned by former Reserve Bank of India (RBI) heads and allies of the ruling Bharatiya Janata Party (BJP).