Money & Finance

Foreign borrowing by Indian firms: Implications for growth and macroeconomic stability

  • Blog Post Date 30 June, 2015
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Ila Patnaik

National Institute of Public Finance and Policy

ilapatnaik@gmail.com

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Ajay Shah

National Institute of Public Finance and Policy

ajayshah@mayin.org

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Nirvikar Singh

University of California, Santa Cruz

boxjenk@ucsc.edu

This project analyses the pattern of external borrowing by Indian firms, an exercise that has as yet not been carried out. It identifies possible drivers of such borrowing. Most importantly, the project analyses the impacts of foreign borrowing on the performance of firms that do so, and compare them to the performance of firms that do not borrow. Finally, it assesses the macroeconomic risks that may be associated with external borrowing by Indian firms, and the implicit risk-reward trade-off of growth vs. macroeconomic stability.

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