India Chief Economic Adviser Kaushik Basu, recently, called for a sovereign wealth fund saying it would expand the country’s role as a global player. India — which has foreign exchange reserves of $303 billion — and Japan are the only two Top 7 countries (by size of foreign-exchange reserves) that do not have a sovereign fund.
It’s uncertain, however, that there’s enough political traction for such a fund and not much has changed since August, when India’s policymakers abandoned a proposal to establish a sovereign fund of $5 billion to finance acquisitions of foreign companies……………………………………….Full Article: Source