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Capital inflows not a concern now: Finance secretary

Capital inflows not a concern now: Finance secretary
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First Published: Wed, Nov 11 2009. 10 51 AM IST
Updated: Wed, Nov 11 2009. 10 51 AM IST
New Delhi: Rising capital inflows into India are not a concern now and authorities are monitoring the situation, finance secretary Ashok Chawla said on Wednesday.
“The flows have increased in the recent past, that was expected,” he said.
Money has been coming in, as of now it is not a cause for concern.
On Tuesday, a Reserve Bank of India (RBI) deputy said India faced a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows.
“While we are watching the situation, the RBI and Securities and Exchange Board of India (Sebi) are seeing what is happening in terms of inflows in the equity market. We don’t see the need for any specific action in this regard,” Chawla said.
Chawla said India’s economy was unlikely to reach growth rates of 8-9% until exports revived.
Earlier this month, the trade minister said exports may start growing in annual terms from the March quarter.
India’s September trade deficit shrunk to $7.77 billion and imports fell 31.3% year-on-year to $21.38 billion, according to government data.
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First Published: Wed, Nov 11 2009. 10 51 AM IST
More Topics: Capital inflows | India | Growth | GDP | Inflation |