A Group of Ministers (GoM) on external security interface chaired by Pranab
Mukherjee has agreed in principle on setting up a sovereign wealth fund to help
companies acquire mineral and energy assets abroad. The money from the fund
would be available only to state-owned undertakings, and not those in the
private sector.
he government is studying two options — dipping into the country’s $350 billion foreign exchange reserves, and setting aside monies from the budget. While Planning Commission Deputy Chairman Montek Singh Ahluwalia has recommended using a part of forex reserves, the Reserve Bank of India is opposed to such a move.
It has become important to set up a sovereign wealth fund in the backdrop of rising coal and oil prices.
he government is studying two options — dipping into the country’s $350 billion foreign exchange reserves, and setting aside monies from the budget. While Planning Commission Deputy Chairman Montek Singh Ahluwalia has recommended using a part of forex reserves, the Reserve Bank of India is opposed to such a move.
It has become important to set up a sovereign wealth fund in the backdrop of rising coal and oil prices.
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