Economic Affairs Secretary Shaktikanta Das on Wednesday said that the Reserve Bank of India (RBI) would soon come out with draft report on liberalising External Commercial Borrowings (ECB) during a speech to an investor summit in Delhi.
The Reserve Bank of India will soon issue a draft paper on liberalisation of certain external commercial borrowing norms to ensure funds are available to needy corporates, economic affairs secretary Shaktikanta Das said on Wednesday.
Das said after feedback from stakeholders for a brief period, the proposed changes in the ECB norms would be implemented at the earliest. He, however, did not reveal specifics on which ECB rules would be eased. Speaking at an investors conference, the secretary said that the government was aware of the increase in the stressed assets in the banking sector, which has hurt fresh lending.
Das also said that the government was considering ways to liberalise sectoral caps for foreign direct investment, which could give a boost to manufacturing and other sectors.
As the the government cannot resort to fiscal stimulus measures, it is in the process of taking a series of steps to address ranging from agriculture sector to ease of doing business, which could accelerate India’s GDP growth in the coming years, he added.