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).