Many more people have bank accounts and some of the rules regarding foreign equity holdings in infrastructure and insurance projects have been liberalised, enabling much-needed investment from abroad.

Now, investors can switch to the cheaper pure foreign equity funds, which provide direct rather than indirect exposure to foreign markets.

It would have a more aggressive risk profile and be allowed to invest in foreign equities, corporate debt and money-market instruments.

Pension funds increasingly have preferred other asset classes, including foreign equities, gilts and foreign government bonds, hedge funds and property.

Of course, there are pros and cons to buying foreign equities.