India intends to be friendly to foreign investors: Raghuram Rajan
"The broader point is India intends to be friendly to foreign investors and not change the rules of the game on them," Rajan said in a video conference held with more than 300 investors in Singapore.
Speaking at the seminar on the Indian budget, which was organised by the High Commission of India in Singapore and the Singapore Management University, he acknowledged India's massive investment requirement but said it would be through the private sector.
"We need to nudge the private sector to make the investments. We need to make them (the investors) bring their plans forward and put their projects on the ground," he said.
He cited the example of investment allowances in the form of a tax credit, if the investors put their investment and implemented their projects over the next couple of years.
Elaborating on the investor-friendly approach taken in the Budget, Rajan said: "A big thrust in this Budget is expanding access to financing so that the private and public sectors can get the money and do what they need to do."
"Access to financing is what we have been working on, access to domestic financing and foreign financing," he said.
There were a number of measures in the Budget trying to reduce the barrier for foreign investors to come into India and bring their money in and to invest, he said.
"This is an ongoing process...we are going to continue
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