GAAR adding anxiety to investors confidence: ICRA

The concerns surrounding the proposals of General Anti Avoidance Rule (GAAR) has added anxiety to the general "lack of confidence" in the investment climate in India, a top official of rating agency ICRA said.

"GAAR has added anxiety to the lack of confidence in investment climate," ICRA Vice-Chairman and group CEO, P K Choudhury said here on the sidelines of a ICSI Capital Markets Week seminar. GAAR issues and indirect transfer norms in the proposed Finance Bill 2012 has worried foreign investors. Asked about Rupee depreciation, Choudhury hoped it would stay at Rs 50-53 to the US Dollar for the next quarter. Despite concerns ICRA is not bearish about the country's growth. "We hope the GDP for 2012-13 will be between 7-7.2%," Choudhury said.