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This is an archive article published on October 25, 2004

Proposal for forex reserves on infrastructure runs into trouble

The proposal to spend $10 billion of the $120 billion foreign exchange reserves on infrastructure has run into trouble, with the finance min...

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The proposal to spend $10 billion of the $120 billion foreign exchange reserves on infrastructure has run into trouble, with the finance ministry raising doubts about the viability of the proposal. Earlier, RBI had also expressed its anxiety about the feasibility of the proposal.

The proposal, which originally emanated from the PMO, had got the nod of the Planning Commission.

The finance ministry has told the plan panel that it could agree to the proposal if the same amount could be adjusted against the gross budgetary support. The plan panel rejected the conditionality.

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