| Headline: India tries to borrow its way out of trouble Source: Euromoney Date: November 2000 Author: Kala Rao India has hit on a not-so-novel idea to shield an economy made vulnerable by high international oil prices. The government has got State Bank of India, the country’s largest bank, to sell five-year foreign currency deposits to expatriate Indians to help tackle a worsening balance of payments situation.
India’s oil import bill is expected to double to about $18 billion this year. A widening trade deficit and a sell-off by foreign portfolio investors put the balance of payments in the red by about $1 billion in the quarter ended June, as compared with a surplus of $3.32 | ||||||||||||||||||||||||||||||||||||||||||