A wave of passive capital flows is the handsome prize for countries that secure a place in major bond indices. That prospect seems to be on the horizon for India. The flows that inclusion in major bond indices tend to generate are one of the least objectionable forms of international investment. They tend to come from massive, slow-moving funds—the opposite of the flighty hot-money flows that emerging-market policymakers fear. Could this be the reason why index inclusion has been Indian government priority ?