Mumbai, Nov 16 (PTI) Leading macroeconomic research agency Centre for Monitoring Indian Economy (CMIE) has forecast capital flows topping USD 91 billion by the end of the fiscal, a staggering 70 per cent over USD 53.6 billion that the country received last fiscal.

"We expect the net capital inflows into the country touching USD 91.3 billion by the end of this fiscal and USD 68.8 billion by the end of the December quarter," CMIE said in its monthly review of the economy.

The agency's monthly macroeconomic report says this record spike is on the back of the massive inflow of USD 30.4 billion in the September quarter alone.

For the foreign funds looking for high returns, on the back of dirt-cheap funds from their homes markets, where returns are negligible, India and especially its stock markets have been the hot cake. Forex inflows forecast surge, driven by large quarterly capital injections and foreign funds seeking higher returns. Centre for Monitoring Indian Economy projects net capital inflows rising about seventy percent to USD 91.3 billion by fiscal year end, driven chiefly by a large September quarter inflow and continued foreign fund demand for higher returns, with Indian equity markets identified as a principal attractor.