Does Modi want to prevent middle-class Indians from investing abroad?

What happened: Zee Business reported that the Reserve Bank of India is proposing changes to the liberalised remittance scheme that would end automatic capital account outflows, which are used to buy assets abroad. Key numbers: The report says current account flows would be capped at 50 lakh. The report is based on an unidentified source and does not refer to a final decision. Why it matters: The newsletter describes the report as a significant trial balloon and notes that, if true, it would effectively end US investing for Indians.

Zee Business reported that the Reserve Bank of India is proposing changes to the liberalised remittance scheme that would end automatic capital account outflows, which are used to buy assets abroad.

The newsletter describes the report as a significant trial balloon and notes that, if true, it would effectively end US investing for Indians.