Structural issues driving money from India: Ex-RBI chief Subbarao

Former RBI Governor Duvvuri Subbarao said India's declining appeal among foreign investors needs structural reforms rather than short-term capital-attraction schemes. He said FCNR deposits are borrowed dollars and don't build confidence, adding, "What we need is confidence-building flows via...[FDI & FPI]." Foreign investors have withdrawn $17.3 billion from Indian stocks and bonds so far in 2026.