India abandons plan for sovereign wealth fund – Finance – Economy – News – The Economic Times

India abandons plan for sovereign wealth fund – Finance – Economy – News – The Economic Times


NEW DELHI: India has abandoned the plan to create a sovereign wealth fund on the line of Singapore, United Arab Emirates, Saudi Arabia, China and Russia, the finance ministry said on Friday.

“The government had examined a proposal to create a sovereign fund of $5 bn for financing acquisitions of companies abroad. However, it was decided not to pursue this proposal,” Minister of State for Finance Namo Narain Meena said in written reply to a question in the Lok Sabha.

Currently, there are more than 50 sovereign wealth funds, managing assets worth nearly $3 trillion.

Most of these funds are run by the countries that have huge trade surplus. It is mostly funded by commodity revenues, predominantly from oil and gas exports.

Prominent sovereign wealth funds are of Saudi Arabia, UAE, China, Russia, Singapore, Qatar, Japan, South Korea and Bahrain.

India abandons plan for sovereign wealth fund – Finance – Economy – News – The Economic Times

Share this|var addthis_config = { ui_cobrand: “The MasterBlog”}

________________________
The MasterBlog

Advertisements



    Leave a Reply

    Fill in your details below or click an icon to log in:

    WordPress.com Logo

    You are commenting using your WordPress.com account. Log Out / Change )

    Twitter picture

    You are commenting using your Twitter account. Log Out / Change )

    Facebook photo

    You are commenting using your Facebook account. Log Out / Change )

    Google+ photo

    You are commenting using your Google+ account. Log Out / Change )

    Connecting to %s



%d bloggers like this: