Replying to another question, he said, the government and World Bank have so far signed only one loan of $750 million on May 15, 2020 as budgetary support to the Government for accelerating India’s COVID-19 Social Protection Response Programme in order to support measures undertaken under Pradhan Mantri Garib Kalyan Yojana (PMGKY), the benefits of which have flown to all States/UTs.
Madhusudan Kela of Reliance Capital told CNBC-TV18 that foreign institutional investment (FII) rating is likely to level up for India after the roll-out of GST and the implementation of the Bill is a big trigger from the perspective of foreign investors as it will lead to ease of doing business, improve efficiency and reduce corruption.
Geoff Lewis, Global Strategist-Capital Markets Group at Manulife Asset Management, says India will benefit more from falling commodity prices and domestic growth.
The Indian rupee‘s steep fall against the US dollar remained unabated. It closed on Friday at 57.07 per US dollar, down 0.39 percent or 22 paise from its previous close.
The rupee was weighed down by strong dollar demand from oil firms on Thursday but the RBI's notification of the increase in foreign institutional investment limits in debt prompted some dollar selling by exporters.
Jeff Chowdhry of F&C Investments tells CNBC-TV18 that foreign investment will not flow in if concerns about India‘s fiscal deficit and currency issues are not treated.
Overseas investments by Indian companies have more than doubled in the previous fiscal year as they expanded their foreign businesses, according to data released for the first time by the Reserve Bank of India.
The Reserve Bank of India's primary concern is to maintain price stability, Governor Duvvuri Subbarao said on Tuesday.