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New Delhi, May 10 (PTI) India today said it is considering raising caps on investment by foreign institutional investors (FIIs) in the debt market which will improve the availability of funds in the system. "We are looking at that," Finance Secretary Ashok Chawla told reporters on a query on whether the government plans to hike the FII cap in government and corporate bond market. Currently, FIIs can invest up to USD 5 billion in government bonds and up to USD 15 billion in corporate bonds. Without divulging further details as on the timeframe or the extent of hike, he said hiking caps is not just dependent on the Greek debt crisis but on a number of factors. "As it is, you would have seen the limit of ECB borrowing to be in line with what the corporates would need during the current year. So, these are issues which are taken up from time to time," Chawla said on the sidelines of an Assocham function here. Greece crisis, if prolonged, can affect India as well, analysts say, adding in case that happens funds may be severely affected.
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