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Research publications

​The City of London regularly commissions or produces research reports regarding India, a selection of which can be seen below. For more information on the City of London's research programme, please see our economic research and information pages.

Features and trends of NDF markets for Emerging Economy Currencies: A study of the Indian Rupee (2016)

Written by the Indira Gandhi Institute of Development Research (IGIDR) and commissioned by the City of London, this report highlights the significance of the rupee-denominated NDF markets. It utilises multiple sources to demonstrate the sizeable offshore pools of rupees and the international interest in the currency that could potentially benefit domestic Indian business, playing a role in the overall financial sector reform and competitiveness of the Indian financial sector.

Download A Study of the Indian Rupee (625KB)

Policy and regulatory reforms roadmap for the Indian non-life insurance industry (2015)

For more information on this report please visit the roadmap for the Indian non-life insurance industry page.

Attracting private capital for Indian infrastructure (2015)

For more information on this report please visit the attracting private capital for Indian infrastructure page.

Make in India - role for financial services (2015)

On 22 January 2015, the City of London held a roundtable meeting with representatives from banks, financial institutions, rating companies and law firms in Mumbai. This is a note of the discussion. The discussion took place under the Chatham House Rule, therefore no individual comments are attributed.

Download the discussion summary (240KB)

A framework for developing a reinsurance hub in India (2014)

Prepared by the Indian Merchants’ Chamber and the City of London, this report highlights the framework required for creating a reinsurance hub in India. The report highlights changes required in the areas of regulation, taxation and dispute resolution framework.

Download the A framework for developing a reinsurance hub in India (900KB)​

Examining the causes of recent emerging market currency volatility (2014)

Prepared by CME Group on behalf of the City of London, this paper will examine the causes and mechanics of the recent market contagion regarding Emerging Markets (EM) countries. The paper draws several conclusions from the overall EM analysis as well as the three case studies on Brazil China and India. The key conclusion of the paper is that relative out-performance by the US equity market in 2013, economic growth deceleration in many EM countries, rising political risks, and the mechanics of asset allocation shifts in these less liquid markets were the four primary causes of the contagion episodes in the spring of 2013 and winter of 2013/14.

Download the Examining the causes of recent emergency market currency volatility paper (560KB)​

Fostering investments between United Kingdom and India through conducive tax & regulatory regimes

This paper - prepared by Jairaj Purandare, a member of the City of London's Advisory Council for India, with assistance from PricewaterhouseCoopers Private Limited, India - identifies tax and regulatory initiatives in the financial services sector that could make investments between India and the UK more attractive and promote measures to provide equal treatment to investors in India and the UK. The paper includes consideration of the Qualified Foreign Investor regime, mutual funds and Foreign Institutional Investors, certainty of tax treatment, capitals gains taxation, General Anti-Avoidance Rules, the Alternative Investment Market, service tax and stamp duty.

Download the Fostering investments paper (245KB)

BRIC currencies trading in London (2012)

The City of London has published a research report, by the London School of Economics, which explores the trading of four BRIC currencies in the London FX market: the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi. This shows that:

  • NDF volume in BRICs has increased by almost 70% between April 2008 and April 2012, thus dwarfing the overall growth in FX volume in London of 13% during the same period.
  • From 2007 to 2010, global volume in BRIC currency forwards increased by over 150%. Growth in the Indian rupee has been 134%.
  • The London share of the NDF market has fared very impressively in the last three years, with the biggest growth seen in the volumes for the Indian rupee. NDF trading volume in the Indian rupee has increased from USD 1.5bn to USD 5.2bn, which corresponds to an increase of almost 250%.
  • For all BRIC currencies, the NDF and deliverable forward rates are almost perfectly correlated with correlation coefficients generally exceeding 99.5%.

Download BRIC currencies trading in London (885KB)