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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

India: Sovereign wealth fund plan scrapped

Posted on 25 February 2013

The proposal of the Prime Minister’s Office (PMO) to create a Sovereign Wealth Fund (SWF) has been scrapped following overall assessment that India does not have sufficient foreign exchange to support it.
The most vocal resistance came from the Finance Ministry, with both the economic affairs and expenditure departments saying cash-rich PSUs should use their reserves and decide independently on commercial terms. “In the prevailing situation… it would be more advisable if PSUs with surplus funds and technical know-how take independent decisions to invest in acquiring assets based on commercial gains,” said the economic affairs department at a meeting held by the principal secretary to the PM………………………………………..Full Article: Source

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