India is facing a projected balance of payments (BOP) deficit of $68 billion for the fiscal year 2027, prompting discussions on how to attract more dollar investments, particularly from non-resident Indians. Economists, including Sonal Varma from Nomura, suggest that the Reserve Bank of India (RBI) may need to support this effort by covering foreign exchange risks and offering competitive yields compared to global markets, especially the US. The RBI is reportedly considering options such as reviving the 2013 FCNR(B) scheme and eliminating the 5% withholding tax on overseas government bond investors to encourage inflows. The current global interest rates are significantly higher than they were in 2013, necessitating a reevaluation of any new schemes to ensure they remain attractive to banks and investors. Bank of Baroda's chief economist, Madan Sabnavis, expressed skepticism about the need for special schemes, emphasizing that the viability of such bonds would depend on offering yields higher than local US deposit rates while remaining lower than domestic Indian rates. Previous initiatives aimed at attracting dollar investments include the Resurgent India Bonds in 1998 and the India Millennium Deposits in 2000.