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Apr 25, 2008

RBI supports sovereign wealth fund proposal

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The Reserve Bank of India (RBI) has supported the proposal of the Prime Minister’s Council on Trade & Industry for setting up a sovereign wealth fund (SWF). Recently, the finance minister informed of receiving a proposal for setting up a $5 billion sovereign fund. The fund would a positive aspect for the government to check the fiscal deficit. Moreover, the returns from the fund would be another source for the government too. The apex bank of the nation supports the proposal and may chalk out some measures in it's forth coming annual monetary policy. The annual monetary policy is scheduled to disclose on April 29. Industrialists and other sectors personalities are eager to know the much awaited monetary policy and its impact on their business. However, the strategies over the SWF can be seen in the forth coming monetary policy by the RBI.


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