FM Arun Jaitley seeks foreign investments for infrastructure, other sectors

By: |
Hong Kong | September 20, 2015 1:13 PM

Having put the MAT controversy to rest, Finance Minister Arun Jaitley is now seeking to attract foreign investors, including large asset managers, to the Indian markets.

Arun jaitleyThe Finance Minister also met several other institutional investors and discussed about vast opportunities for investment in infrastructure sector in India. (PTI)

Having put the MAT controversy to rest, Finance Minister Arun Jaitley is now seeking to attract foreign investors, including large asset managers, to the Indian markets.

The controversy over levying MAT (Minimum Alternate Tax) on capital gains earned in the previous years had spooked the foreign institutional investors, but the matter has been put to rest with the government adopting suggestions made by an expert panel against such a levy.

In his budget presentation earlier this year, Jaitley had clarified that MAT would not be imposed on foreign portfolio investors going forward, while the recent government move has addressed the concerns about the applicability of this levy for previous years as well.

After meeting the government leaders and investors in Singapore over the past two days, Jaitley is in Hong Kong for two days.

The Finance Minister, along with a large business delegation from India, including BSE chief Ashishkumar Chauhan and industry body representatives, today began meetings with private equity, asset management companies and other institutional investors here.

Jaitley will address the APIC-India Capital Markets and Institutional Investors Summit here tomorrow in his first visit to this global financial centre as India’s Finance Minister.

He will seek to attract global investors to the Indian growth story being pursued amidst global financial markets volatility. He will also provide insights into how Prime Minister Narendra Modi-led government is tackling these challenges.

The Finance Minister would be pitching for overseas investments in various sectors, including infrastructure.

India has emerged as one of the fastest growing markets globally, despite a turmoil in most of the international markets, while foreign investors have been one of the mainstays of the country’s capital market growth story.

He is also seeking investments from large overseas players, many of whom operate in Asia through Hong Kong and Singapore, for the capital-intensive infrastructure sectors.

The Asia Pacific Investors Cooperation (APIC) is a business platform created by and for Asian institutional investors including pension funds, sovereign wealth funds, government funds, social security systems, and insurance companies. These institutions represent APIC’s private membership.

APIC covers 22 Asia Pacific markets and represents over USD 30 trillion worth of Assets Under Management.

Jaitley would also hold meetings with Hong Kong Trade Development Council (HKTDC) and Greater China Chamber of Commerce besides meetings with financial sector investors and fund managers. He would also be addressing an event organised by the Indian community here.

Tomorrow, Jaitley would be meeting the Chief Executive of Hong Kong, before leaving for India.

During his visit to Singapore, Jaitley met Singapore’s Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam and discussed matters relating to taxation for foreign investment and detailed steps being taken by India to attract investment.

The two leaders discussed bilateral and global developments as also the matters relating to taxation for foreign investment in India and the facilitating role to be played by the government in getting regulatory approvals.

Jaitley also had meetings with representatives of GIC, the Sovereign Wealth Fund of Singapore, Future Fund, Sovereign Wealth Fund of Australia and Canadian Pension Fund and invited them to participate in the National Investment and Infrastructure Fund (NIIF) being set up by the Indian government to boost infrastructure investment.

The Finance Minister also met several other institutional investors and discussed about vast opportunities for investment in infrastructure sector in India.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sitharaman to attend G-20 joint finance, health ministers meet in Rome
2Green hydrogen can boost India’s energy security, decarbonisation of economy
3Small LPG cylinders to be sold via ration shops