- The Indian government and RBI are pushing for bond inclusion in Bloomberg's Global Aggregate Index
- Bloomberg deferred Indian bonds' inclusion in the index earlier this year citing operational issues
- Market feedback shows broad support for India’s bond market growth and future index inclusion
The Government of India and the Reserve Bank of India on Friday made fresh efforts to support the eventual inclusion of Indian government bonds in Bloomberg's flagship Global Aggregate Index, government sources told NDTV Profit. This move could unlock billions of dollars in passive foreign investment flows into the country's debt market.
The push comes months after Bloomberg Index Services deferred a decision on adding Indian bonds to the benchmark in January, disappointing investors who had been anticipating inclusion and triggering a rise in bond yields.
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In an update following consultations with market participants, Bloomberg Index Services said responses indicated broad support for the long-term development of India's government bond market and its eventual inclusion in global investment-grade bond benchmarks.
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"Overall, responses indicated broad support for the long-term trajectory of the Indian government bond market and for its potential eventual inclusion in global investment grade benchmarks," the index provider said.
However, Bloomberg noted that several respondents highlighted operational and market infrastructure-related issues that require further evaluation before Indian bonds can be included in its flagship index.
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"A number of respondents highlighted important operational and market-infrastructure considerations that merit further evaluation before inclusion in a flagship global investment grade index," the statement added.
Bloomberg Index Services said it would provide a further update on the matter in mid-2026.
India's quest for inclusion in the Bloomberg Global Aggregate Index comes after a series of milestones in global bond benchmark integration. Indian government securities have already secured entry into several major emerging-market bond indices over the past two years.
Indian bonds were included in the JPMorgan Emerging Market Local Currency Index in June 2024, followed by inclusion in the Bloomberg Emerging Market Local Currency Bond Index in January 2025. They were subsequently added to the FTSE Russell Emerging Market Index in September 2025.
Market participants view inclusion in the Bloomberg Global Aggregate Index as the next major milestone for India's debt market. The benchmark is widely tracked by global asset managers and passive investment funds, making membership a potential catalyst for substantial foreign inflows into Indian sovereign bonds.
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