India is likely to win inclusion into one of the world's top bond indices early next year, investment bank Morgan Stanley said on Wednesday, predicting it could trigger an instant $40 billion buying surge and as much as $250 billion over the next decade.

       JPMorgan's influential GBI-EM and Global Aggregate indices are likely to include India in early 2022, Morgan Stanley's analysts said in a note.

       "We expect one-off index inflows of $40 billion in 2022/23, followed by annual inflows of $18.5 billion in the next decade, pushing foreign ownership up to 9% by 2031," they added.