India To Curb Foreign Borrowing

India has set new limits on how much national firms can borrow from abroad, in a move to cool the rapidly expanding economy and calm inflation. Indian firms wanting foreign loans of $20m (£9.8m) or more will need consent both for the loans and the right to bring the money into the country. Increasing numbers of Indian companies have sought credit from overseas, where interest rates are lower. In the 12 months to March, Indian firms borrowed some $16bn from abroad.