FM plans foreign roadshows to spur capital inflows

MUMBAI/NEW DELHI Thu Jan 10, 2013 9:25pm IST

Finance Minister P. Chidambaram speaks during an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012. REUTERS/Edgard Garrido/Files

Finance Minister P. Chidambaram speaks during an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012.

Credit: Reuters/Edgard Garrido/Files

Related Topics

Stocks

   

MUMBAI/NEW DELHI (Reuters) - Finance Minister P. Chidambaram plans to meet investors in Asia and Europe this month in a drive to try and boost capital flows into Asia's third-largest economy, four sources with direct knowledge of the plan said.

He is expected to start his foreign tour in Hong Kong on January 22 and visit Singapore the following day, and will be seeking to reassure investors given concerns about the health of the Indian economy and fate of proposed reforms, the sources said.

They did not wish to be named as the details are not yet public.

Chidambaram, who will be accompanied by economic affairs secretary Arvind Mayaram, also plans to visit Frankfurt and London after the Asia roadshows, the sources said.

India's economy is set to post its lowest growth in a decade in the fiscal year ending in March and its investment grade credit rating is at risk if the government fails to mend its finances and rein in a bloated fiscal deficit.

The current account deficit widened to 5.4 percent of gross domestic product in the September quarter, although Chidambaram said this month that foreign investment flows should be able to finance the deficit without drawing on currency reserves.

Banks including Citigroup (C.N), Bank of America Merrill Lynch (BAC.N) and Deutsche Bank (DBKGn.DE) are organising the roadshows, the sources said. The Mumbai-based spokesmen for the banks declined to comment.

Chidambaram may visit the United States to meet institutional investors after presenting the federal budget next month, two of the sources said.

(Reporting by Sumeet Chatterjee in MUMBAI and Rajesh Kumar Singh in NEW DELHI; Additional reporting by Neha Dasgupta; Editing by Susan Fenton)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage