Finance minister Nirmala Sitharaman will likely consider a capital gains tax waiver in the Union Budget for overseas debt investors, a move that will set the stage for India's inclusion in the keenly tracked global bond indices of Bloomberg-Barclays and JP Morgan, three people familiar with the matter told ET. The waiver-and resultant inclusion of Indian debt instruments in global bond indices-should spawn significant capital flows into local debt securities, potentially driving down yields in Asia's third-biggest economy. Offshore investors are expected to start trading in select sovereign securities following their inclusion in global bond indices. That should draw as much as $250 billion of inflows over the next decade and reduce India's cost of borrowing by up to 50 basis points, a Morgan Stanley estimate showed.