FM assures FIIs on India growth story

FM assures FIIs on India growth story

Finance Minister Pranab Mukherjee with  ICICI Bank Managing Director & CEO Chanda Kochhar arrives for the Institutional Investors meeting in New Delhi on Tuesday. PTI

Mukherjee met a group of more than 30 Indian and foreign institutional investors here.
According to an official release, Mukherjee during the meeting urged “the institutional investors to remain optimistic and take a long-term view of the economy and its performance rather than being disturbed by the short-term statistics”.

He said the next generation financial sector reforms have already been initiated, like the widening and deepening of the Indian securities markets.

The reform process includes liberalising the policy on foreign capital flows, strengthening the regulatory and other institutional architecture and reducing transaction cost in securities markets.

In the current year so far, foreign institutional investors have put in Rs 14,260 crore or over $3.2 billion in the Indian markets. However, a majority of the investment has been into debt instruments.

Of it, about Rs 315 crore came come into equities, while the remaining Rs 13,945 crore has been into debt.

Slower investment of FIIs into equities and also cautious views taken by the domestic institutional and retail investors have pulled down the stock market benchmark Sensex by over 2,000 points or 10 per cent since January to 18,495.62 points.

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