FM to project India growth story in Canada, US
April 12, 2013, 9:56 am

The finance minister will also participate in the three-day IMF and World Bank spring meeting in Washington [AP]

During the India roadshows that start next monday, from Toronto and covering Ottawa, Boston and New York, the minister is likely to talk about the recent steps taken by the government to speed up large projects and measures to bring down fiscal deficit during his meetings with leading investors and corporate entities.

The minister is also expected to spell out steps taken by the government to streamline Foreign Institutional Investor (FII) investment in the debt market.

Chidambaram has been visiting major global financial hubs like Japan, Germany, Hong Kong and Singapore, to project the country as a investment destination.

Sources said the minister, accompanied by senior finance ministry officials and Reserve Bank of India (RBI) deputy governor Urjit Patel, would also seek investments into various sectors, mainly infrastructure for which the government has pegged expenditure at nearly $1 trillion during the 12th Plan (2012-17).

After the roadshow, Chidambaram will participate in the three-day IMF and World Bank spring meeting beginning 19 April in Washington.

The Washington gathering includes the joint World Bank-IMF Development Committee and the IMF’s International Monetary and Financial Committee meeting which discusses progress on the work of the two multi-lateral lending organisations.

The Budget Session of the Indian Parliament will resume on April 22, after about a month-long recess.

During his recent trip to Tokyo, Chidambaram said India’s economy is capable of absorbing $50 billion in foreign direct investment per year.

Source: Agencies