Need to relax rules for more foreign investments: FM Govt is seeking higher foreign investments to fund the current account deficit, which hit 4.8% of the GDP in the fiscal year that ended in March. A swollen deficit has helped make the rupee the worst performing emerging Asian currency, which has been down over 9% since the beginning of May. He further said that govt will not use reserves to finance CAD in FY14 and expected FY14 CAD to be in the same range as FY13 CAD. Speaking ahead of the RBI policy meet tomorrow, Chidambaram said that price stability cannot be the only mandate of a central bank. It also needs to look at growth and employment generation, he said.
Posted on: Mon, 29 Jul 2013 09:44:06 +0000
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