25.04.2013 - India: FinMin opposes sovereign wealth fund out of forex reserves
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 PMís 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 nationís foreign-exchange reserves and creating a sovereign wealth fund to secure energy assets overseas...............................................Full Article: Source
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