Modi's Hindutva supporters, critics came together to oppose dollar bond

Now that $10 billion in subscription checks won't be coming in October, the domestic Indian bond market will feel the pressure of higher borrowings locally by the government

An abrupt reshuffle at the top of India's finance bureaucracy makes it unlikely that the country's inaugural issue of a controversial sovereign bond overseas will happen now. It's just as well. 

Borrowing in a foreign currency, possibly dollars, would have set back New Delhi's attempt to drum up more global interest in rupee debt. An unexpected meeting of minds formed between Prime Minister Narendra Modi's core Hindu nationalist supporters and his more internationalist critics to put the bond's future in question.  

Finance Secretary Subhash Chandra Garg was presumably the author – and is now the fall guy – of the foreign-debt adventure.