Why India's $10 billion foreign bond sale plan may never take off

There are worries that Asia's third-biggest economy may come under pressure during bouts of risk aversion, especially given the current backdrop of slowing global growth

India’s foray into international debt markets may consist of little more than sound and fury, as the nation struggles to shed decades of trepidation about borrowing in foreign currencies.

A fanfare announcement in the July budget has been followed by the removal of the official driving the sale, objections from the prime minister’s office, and finally an admission from Finance Minister Nirmala Sitharaman that no work has been done on the mooted $10 billion offering.

India’s first venture into the overseas bond market would shift part of its 7-trillion-rupee ($100 billion) borrowing abroad, and enable it tap a wider pool