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Last Updated : Aug 09, 2019 05:26 PM IST | Source: CNBC-TV18

Market will be reassured if govt rolls back surcharge on FPIs, says Adi Godrej

Talking about the FPI, he said, “Maybe it was best if it is never done but now that’s done and gone. Now we do not need to correct the situation and then we have to see whether the economy picks up.”

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Top corporate leaders met Finance Minister N Sitharaman in the backdrop of sluggish economic growth. Adi Godrej, the chairman of Godrej Group, and Uday Kotak, the managing director of Kotak Mahindra Bank, spoke to CNBC-TV8 about the meet.

“Several things needs to be done. The economy has slowed down. Unfortunately, the budget didn’t have too many provisions of reviving the economy. Now it is clearer and I hope that the government does something,” said Godrej.

Talking about the FPI, he said, “Maybe it was best if it is never done but now that’s done and gone. Now we do not need to correct the situation and then we have to see whether the economy picks up.”

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About rollout of FPI, he said, “The market will be reassured to a certain extent.”

On stimulus package front, he said, “Not assured but they are looking at it.”

Kotak said, “Support and boost across different sectors were discussed pretty frankly and openly and she heard patiently and also said that she will consider various suggestions which have been made by members at Confederation of Indian Industry (CII).”

“We are all at CII of the view that we would like to see investment come across sectors in the State of Jammu and Kashmir and CII has stated to the government and to the Finance Minister today that CII would support initiatives for investment in the State of Jammu and Kashmir,” he added.

“The Finance Minister did mention that the foreign portfolio investments (FPIs) are meeting this afternoon and she has promised a fair and patient hearing to the comments and views of the FPIs in the broader context of capital markets and the economy,” Kotak said.

Source: CNBC-TV 18

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First Published on Aug 9, 2019 05:26 pm
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