Should India go for bond issue to tap NRIs, other overseas investors?

The crucial issue is what should be the interest rate to attract overseas investors, mainly Indians to take part in it

Recently, the new president of the Confederation of Indian Industry (CII) Sanjiv Bajaj urged the government to consider bringing out a special issue of India Millennial Bonds to boost forex reserves. He said India needs to boost its forex reserves to revive the economy, especially in view of the capital outflows by foreign institutional investors (FIIs), prompted by an uncertain global environment.

When asked about the details of the proposal, CII sources said the proposal is based on a broad idea and details will be worked out later.

The last time these bonds were resorted to was in 2000 through