New Delhi: India’s finance minister P Chidambaram said today the government wanted to moderate capital inflows without hurting growth in Asia’s third-biggest economy.
“We want to moderate inflows,” he told reporters.
“We will have to see how they have worked. The idea was to moderate capital flows without hurting growth,” he said.
His comments come a day after the Securities and Exchange Board of India (SEBI) tightened investment rules for unregistered foreigners by clamping down on issuance of indirect investment notes known as participatory notes (P-notes).
“As a byproduct, SEBI has achieved the objectives of greater transparency,” Chidambaram added.
Asked if capital flows had moderated, he said: “We cannot take a stock on a day to day basis.