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For Reliance Industries and Larsen & Toubro, the crème de la crème of corporate India, record low interest rates globally couldn’t have come at a better time. Led by the likes of these majors, India Inc. raised $31 billion in FY21 through external commercial borrowings (ECB) – largely to refinance high-cost foreign debt.

India’s central bank allows companies to borrow overseas to repay earlier ECB instalments.

The latest balance of payments

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