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

India: FinMin opposes sovereign wealth fund out of forex reserves

Posted on 25 April 2013

Finance Ministry has opposed creation of a $10 billion Sovereign Wealth Fund (SWF) to acquire oil and gas and fertiliser assets abroad, saying the country did not have sufficient foreign currency to support the fund. At a recent meeting called by PM’s principal secretary Pulok Chatterjee, departments of economic affairs and expenditure were of the opinion that cash-rich PSUs should use their reserves and decide independently on overseas acquisition on commercial terms, official sources said.
Planning Commissioned had mooted setting aside of $10 billion from the nation’s foreign-exchange reserves and creating a sovereign wealth fund to secure energy assets overseas………………………………………..Full Article: Source


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