PM Narendra Modi will soon meet global fund houses who showed interest in investing in India, according to economic affairs secretary Tarun Bajaj.
New Delhi: PM Narendra Modi is all set to meet 15 global fund houses who showed interest in investing in India, according to economic affairs secretary Tarun Bajaj.
The government is also working with the central bank to get India included in the global bond indices, which would lift flows into the bond market.
“Fund houses from all over the world are getting in touch with us and saying if you can provide us with some good assets which require patient capital and give not very high returns but stable returns,” said Bajaj during a virtual conference organised by the Confederation of Indian Industries (CII).
“That is another area we are looking at and the prime minister is soon, himself, going to meet about 15 leading (fund) houses from the world to have an interaction and to get their views,” he added.
Pension funds from Canada, the US, Europe and Australia have reached out to the government, Bajaj said. The Centre is also working with domestic insurance and pension fund regulators to tweak regulations, so that more stable capital flows towards infrastructure projects.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
The development comes at a time when capital expenditure has seen a significant fall in view of the Covid-19 pandemic, with companies going slow on their new projects.
“The EPFO has been more than active, I would say, to actually consider tinkering with some of their regulations to see what money they can put into this (infrastructure) sector. So are we trying with the insurance regulator and pension regulator,” Bajaj added.
On inclusion of India in global bond indices, Bajaj said the Centre is coordinating with the central bank on the matter and results were expected soon.
"The Reserve Bank of India and we are actually working towards that and I am sure, in some time, we should be able to gain entry into that and that will provide further depth, especially to the G-Sec bond market,” he said.
Last Updated 22, Oct 2020, 10:21 AM