India safe for investment: FM tells diaspora

“The macro economic fundamentals and the micro economic fundamentals make India an attractive and safe investment destination,” he said while addressing the second South Asian Diaspora convention here.

The government,Chidambaram said,has taken a number of measures to stabilise the economy and give greater confidence to investors.

“India can offer to the investor a variety of investment opportunities. There are government securities and corporate bonds. There are mutual funds and Infrastructure Development Funds. We can offer equity in our public sector enterprises that are under the disinvestment programme.

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“There is a clutch of projects in the oil and gas sector that will welcome strategic investors. Shortly,we will offer a public sector ETF that will allow you to buy units backed by underlying equity shares,” he said at the convention attended by over 1,000 delegates.

Referring to growth,Chidambaram said India has a potential growth rate of 8 per cent and above and during the 20 year period between 1991-2011,the average growth rate was 7 per cent.

Exchange rate reflecting true value of R

SINGAPORE: Volatility and speculation have been largely contained in the currency market and it is reflecting the true value of the rupee,finance minister P Chidambaram said Thursday.

“We believe that the exchange rate of the rupee today is a better reflection of its true value and we are confident that both volatility and speculation have been largely contained,” he said while addressing the second South Asian Diaspora Convention here.