INDIA’S ECONOMIC AFFAIRS SECRETARY SAYS AIMING TO EASE EXTERNAL COMMERCIAL BORROWING RULES

NATURAL WITH ENGLISH SPEECH

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SOURCE: ANI/REUTERS

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India’s economic affairs secretary says aiming to ease external commercial borrowing rules

KEY WORDS: Reserve Bank of India, External Commercial Borrowing (ECB), Indian government, Foreign Direct Investment

India’s Economic Affairs Secretary Shaktikanta Das says the government was in discussions with the Reserve Bank of India (RBI) to ease some of the rules for external commercial borrowings, adding the central bank would issue a draft paper “soon.”

SHOWS:

NEW DELHI, INDIA (SEPTEMBER 23, 2015) (ORIGINALLY 4:3) (ANI-NO ACCESS ARD)

1. INDIA’S ECONOMIC AFFAIRS SECRETARY SHAKTIKANTA DAS STANDING ON STAGE

2. MORE OF DAS STANDING

3. (SOUNDBITE) (English) INDIA’S ECONOMIC AFFAIRS SECRETARY SHAKTIKANTA DAS SAYING: “The ECBs we are now examining in close discussion with the Reserve Bank of India; we have had a few discussions in the last few weeks. And very shortly based on our mutual discussion with the Reserve Bank and the Finance Ministry, very shortly the Reserve Bank will be putting out a draft paper for liberalisation of certain ECB norms.”

NEW DELHI, INDIA (FILE) (ORIGINALLY 4:3) (ANI-NO ACCESS ARD)

4. A MAN COUNTING U.S. DOLLAR NOTES

5. MORE OF COUNTING IN PROGRESS

6. A BUNDLE OF U.S. DOLLAR NOTES WITH A PASSPORT

NEW DELHI, INDIA (SEPTEMBER 23, 2015) (ORIGINALLY 4:3) (ANI-NO ACCESS ARD)

7. (SOUNDBITE) (English) INDIA’S ECONOMIC AFFAIRS SECRETARY SHAKTIKANTA DAS SAYING: “The effort is to make the FDI policy simple and progressive. I will not be able to spell out details because it is work under progress, but the effort is to have a simple and progressive FDI policy, move in the direction of more sectoral reforms, move in the direction of liberalising the sectoral caps and eventually have a policy that is simple, progressive, easily understood without too many conditionalities.”

NEW DELHI, INDIA (FILE) (REUTERS- ACCESS ALL)

8. EXTERIOR OF RESERVE BANK OF INDIA (RBI) BUILDING

9. CLOSE OF THE RBI EMBLEM ON THE BUILDING

10. MORE OF EXTERIOR OF BUILDING

11. SIGN ON BUILDING READING ‘RESERVE BANK OF INDIA’

STORY: India’s Economic Affairs Secretary Shaktikanta Das said on Wednesday (September 23) the government was in discussions with the Reserve Bank of India (RBI) to ease some of the rules for external commercial borrowings (ECBs), adding the central bank would issue a draft paper “soon.”

Das, who took over his current post earlier this month, did not provide specifics on which ECB rules would be eased, during a speech to an investor summit in Delhi.

“The ECBs we are now examining in close discussion with the Reserve Bank of India; we have had a few discussions in the last few weeks. And very shortly based on our mutual discussion with the Reserve Bank and the Finance Ministry, very shortly the Reserve Bank will be putting out a draft paper for liberalisation of certain ECB norms,” said Das.

Das also said RBI will be posting the draft on their site in the coming days. A short time period will be given for suggestions from stakeholders.

He added the government was also discussing ways to loosen sectoral caps for foreign direct investment, while saying it was looking for ways to resolve issues facing electricity distribution companies.

“The effort is to make the FDI policy simple and progressive. I will not be able to spell out details because it is work under progress, but the effort is to have a simple and progressive FDI policy, move in the direction of more sectoral reforms, move in the direction of liberalising the sectoral caps and eventually have a policy that is simple, progressive, easily understood without too many conditionalities,” added Das.

Turning to the economy, Das said investment activity was showing signs of revival, although the fluctuating monsoon rains were a concern. He also noted the government cannot resort to fiscal measures to boost consumer demand.

Earlier this week, Finance Minister Arun Jaitley said he hopes the economy will grow faster this year than last, and expects that Asia’s third-largest economy will not see a big hit from China’s slowdown.

While the China-led slowdown had hurt stock markets globally, the impact on other parts of India’s economy has been muted because it was not a significant part of China’s supply chain.

India’s economy grew 7.3 percent last year. The government is aiming for 8-10 percent annual economic growth, government officials have said.

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