Monday, July 29, 2013

Need to relax rules for more foreign investments: FM

New Delhi:29 Jul 2013

New Delhi is seeking higher foreign investments to fund the current account deficit, which hit 4.8 percent of the GDP in the fiscal year that ended in March. A swollen deficit has helped make the rupee the worst performing emerging Asian currency, which has been down over 9 percent since the beginning of May.

What Finance Minister said:

• I do not expect RBI\'s liquidity measures to result in hike in bank lending rate

• Price stability cannot be the only mandate of a Central Bank

• Mandate of a central bank is to ensure growth promotion and employment generation in addition to price stability

• Banks have no plans to increase interest rates

• Bankers have assured me that they will fully meet the credit needs of the industry

• Cabinet committee on investment cleared projects envisaging investment of Rs 1.6 lakh crore

• Our government is industry friendly and when we return in 2014, we will be more friendly

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