The episode examines how rising government borrowing, persistent inflation, changing bond investors and huge AI-related investment needs are reshaping global bond markets. In this episode of How India’s Economy Works, Puja Mehra speaks with Dr. Anoop Singh, economist and Former Director of the IMF. Singh explains why the US Treasury market matters far beyond the United States, why central banks have less control over long-term borrowing costs than many assume, and how the world is entering what he describes as a “new fiscal era” marked by greater fiscal dominance.
The conversation also looks at the implications for India. Singh discusses India’s high public debt and fiscal deficit, the importance of maintaining fiscal and central-bank credibility, and why the key question is not simply how much the government can borrow today, but whether that borrowing will generate enough productive investment and growth to service the debt in the future. He also examines India’s definition of capital expenditure, the need for greater spending on research and development and innovation, and the importance of building stronger fiscal buffers.
Tune in for insights on the global bond-market shift, fiscal dominance, rising borrowing costs, India’s public finances, and why fiscal credibility is increasingly tied to economic growth.
CHAPTERS
(00:00) Introduction to Global Bond Markets
(00:35) Liquidity Buybacks and Currency Interventions
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