Economy
Michael Patra Defends Curbs on Indian Mutual Funds' Overseas Investment Cap
The former RBI deputy governor argues that building foreign exchange reserves must come before letting retail investors put money abroad.
Desh Flash desk2 November 2026, 5:35 pm IST1 minUpdated 2 November 2026, 5:35 pm IST
Indian mutual fund houses are pressing the government to loosen the $7 billion ceiling on their combined overseas investments, saying the limit keeps domestic savers from spreading their money across global markets. Michael Debabrata Patra, a former deputy governor of the Reserve Bank of India, takes the opposite view. In a column for Outlook Business, he argues that the government has been right to put financial stability and foreign exchange buffers ahead of opening the door to cross-border retail equity.
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