New Delhi: India has no plan as of now to raise the limit on foreign investment in government debt securities, a senior finance ministry official said on Tuesday, after ‘The Economic Times’ reported policymakers may ease the cap.
“The existing limit has not been reached. Where is the question of raising it. There is no such move as of now,” the official, who did not want to be named, said over the telephone.
Foreign investment in government debt is capped at $5 billion and in corporate debt, $15 billion.
Separately, the government has initiated the process to review the existing foreign direct investment norms in FM radio and direct-to-home services, minister for information and broadcasting Ambika Soni told the Lok Sabha.
—Reuters and NewsWire18
India to get $4.8 bn of IMF’s $250 bn aid
New Delhi: The International Monetary Fund (IMF) is planning to inject $250 billion into the global economy to bolster reserves of countries as part of measures to combat the world economic crisis. IMF’s executive board on Monday backed the allocation of Special Drawing Rights equivalent to $250 billion to supplement the member countries’ foreign exchange reserves. Nearly $100 billion of the new allocation will go to the emerging markets and developing countries, IMF said in a statement.
India will get 3.08 billion SDRs, equivalent to about $4.80 billion at the current exchange rate.