India’s Finance Minister Vows Not To Overspend
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On Thursday, the Economic Times reported on a Chidambaram presser on the first anniversary of his role as the countrys finance ministry where he said that state-run companies would be encouraged to raise funds overseas in new bond issues. He also said that the foreign direct investment policy would be liberalized beyond just big box retail and airlines currently as the government tries desperately to bring in money from abroad. Meanwhile, the FinMin did the usual cheerleading, saying he was confident the government could finance the current account deficit now nearly 5% this year without pulling money out of Indias foreign cash reserves. India has $279 billion in foreign reserves as of July 19, according to the Reserve Bank of India. Emerging market countries often use reserves to fend off speculative attacks against its currency, and to provide a cushion against external debt service.