New schemes soon for Indian rupee bonds, easier norms for foreign companies: FinMin

By: | Published: September 28, 2015 11:27 AM

Promising more reforms to push growth above 7.5 per cent this fiscal, the government today said a new scheme would be unveiled soon for floating rupee bonds abroad while a new framework is being readied to make it easier for foreign companies to open project offices here.

Indian rupee vs us dollarSpeaking at the event to formalise merger of commodities regulator FMC with capital markets watchdog Sebi, Department of Economic Affairs Secretary Shaktikanta Das said that unleashing reforms is a continuous process and the government does not wait for the budget for the same. (Reuters)

Promising more reforms to push growth above 7.5 per cent this fiscal, the government today said a new scheme would be unveiled soon for floating rupee bonds abroad while a new framework is being readied to make it easier for foreign companies to open project offices here.

Speaking here at the event to formalise merger of commodities regulator FMC with capital markets watchdog Sebi, Department of Economic Affairs Secretary Shaktikanta Das said that unleashing reforms is a continuous process and the government does not wait for the budget for the same.

He also said that more regulation does not mean “it is intrusive, (and) it can be benign” too.

“Government is committed to unleash a series of reforms in various sectors to push growth. A draft of GST (Goods and Services Tax) is now ready to be presented before Parliament,” he said.

Das further said the biggest challenge for Finance Ministry is to ensure revival of demand in an uncertain global market.

“Given the global uncertainties, India is the single brightest spot at the world stage. But, we cannot be complacent. We will continue with reforms to push growth above 7.5 per cent this fiscal.

“We have taken steps for demand revival, but it can’t be taken only through fiscal stimulus. We don’t have the space The demand revival has to be investment-driven,” he said.

Das announced that the government is working on a scheme where opening of branch or project offices by foreign companies gets simpler.

“We will be announcing this scheme shortly,” he said.

He also said that RBI will announce a scheme for floating rupee-denominated bonds overseas shortly.

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