India was added to the FTSE Emerging Markets Government Bond Index (EMGBI) and will be included starting in September 2025. 

This follows the recent inclusion of Indian Government Bonds in JPMorgan Chase’s benchmark Emerging Markets Bond Index Global Diversified (GBI-EM GD) index. FTSE Russell announced that India’s Market Accessibility Level will be reclassified from 0 to 1.

The decision to include India reflects the progress in making the market more accessible for international investors and the growing importance of the Indian government bond market in global emerging markets bond portfolios. 

FTSE Russell expressed gratitude to the Reserve Bank of India (RBI) for its commitment to facilitating international investment in its local market.

The inclusion of Indian Government Bonds in global bond indices is expected to increase inflows, help supplement the country’s balance of payments surplus, and contribute to the internationalization of Indian funds.

Following the inclusion of Indian Government Bonds in JPMorgan Chase’s index, monthly net inflows into fully accessible route securities have increased, with global funds pouring nearly USD 18 billion into Indian government debt since September 2023.

Starting in January 2025, the Bloomberg Barclays EM bond index will include Indian bonds in its Bloomberg EM Local Currency Government indices, further contributing to the flow of funds.

In March, FTSE Russell deferred the inclusion of India in its Emerging Markets Government Bond Index, noting that the country would stay on its watchlist as certain inclusion criteria had not been met.

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