INSUBCONTINENT EXCLUSIVE:
Nirmala Sitharaman said the government did not intend to review the overseas sovereign borrowings planFinance Minister Nirmala Sitharaman
called for a "significant" reduction in the central bank's policy rates and said the government did not intend to review the budget
proposal for overseas sovereign borrowings, the Economic Times (ET) reported on Monday.India's benchmark 10-year bond yield was down 10
bps at 6.43 per cent after falling to 6.42 per cent immediately after market opened on the back of her comments.The minister also said the
increase in surcharge on foreign portfolio investments (FPI) was not intended to hurt investors, according to an interview published by the
paper.The economic wing of the Rashtriya Swayamsevak Sangh (RSS), the ideological mentor of the ruling Bharatiya Janata Party, has demanded
his government review its plan to raise money by selling foreign currency bonds, news agency Reuters reported earlier this month."I am not
I have not been asked by anyone to do a review," Ms Sitharaman told ET.The minister also told the paper there was room for further interest
rate cuts."I'll honestly wish rate cut and yes a significant rate cut, would do a lot of good for the country," Ms Sitharaman told the
paper in an interview."We will now have to look at that route with a lot more hope
And, the industry also feels that there is space for it."The stock markets pared early gains and moved lower on Monday with the broader NSE
Nifty falling 0.3 per cent.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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