18.09.2013 - Pulok's sovereign fund sans funds!
There are reports that the Prime Minister’s office (PMO) is driving the setting up of a company — India Overseas Investment Corporation (INOIC) — under the finance ministry on the lines of a sovereign wealth funds elsewhere in the world. The idea, no doubt, is to discover some financial muscle for access to overseas natural resources.If we’re happy with a cut-copy-paste “me-too” of what Norway, Russia, China, South Korea, Singapore, Malaysia, Brunei, Qatar and UAE have done to push overseas acquisitions and business through such funds., the concept note quoted. The note, in fact, is to the credit of PM’s principal secretary Pulok Chatterjee for emphasising the need to secure access to raw materials, “wherever they were available” and commissioning a blueprint of an overarching institutional mechanism for such investments...............................................Full Article: Source
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