The Union Budget 2013-14 has outlined several initiatives to boost investment in infrastructure and industry, that inter-alia include encouraging Infrastructure Debt Funds, credit enhancement to infrastructure companies, raising the corpus of Rural Infrastructure Development Fund, introduction of investment allowance for new high value investments etc.
Minister of State for Finance, Namo Narain Meena informed this in the Lok Sabha recently.
The RBI and the government has undertaken measures including enhancing all-in-cost ceiling for external commercial borrowings between 3-5 years maturity, higher interest rate ceiling for foreign currency Non-resident deposits, deregulation of interest rates on rupee denominated NRI deposits, administrative steps to curb currency speculations etc, that would facilitate capital inflow, the minister clarified.
The measures to increase domestic and foreign investment, inter-alia, include setting up of the Cabinet Committee on Investment (CCI) to fast track large investment projects; strengthening of financial and banking sector; permitting FDI in areas including multi-brand retail, power exchanges and aviation etc.
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