In this June 29, 2021 file photo, the logo of J.P. Morgan bank is pictured at the new French headquarters of J.P. Morgan bank in Paris. (PHOTO / POOL / AP)

NEW DELHI - J.P. Morgan said it will include Indian government bonds in its widely tracked emerging market debt index from next year.

India will be included in the GBI-EM (Government Bond Index-Emerging Markets) Global Index suite starting June 28, 2024, according to a statement issued by J.P. Morgan.

The inclusion of IGBs will be staggered over a 10-month period starting June 28, 2024, through March 31, 2025, with an inclusion of 1 percent weight per month

"India is expected to reach the maximum weight of 10 percent in the GBI-EM Global Diversified Index (GBI-EM GD). Currently, 23 Indian Government Bonds with a combined notional value of $330 billion are index eligible," the statement said.

The inclusion of IGBs will be staggered over a 10-month period starting June 28, 2024, through March 31, 2025, with an inclusion of 1 percent weight per month.

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The move is expected to drive billions of dollars of foreign inflows into India's economy.