PM Modi to meet 15 global fund houses, says DEA Secretary

NEW DELHI:  Prime Minister Narendra will soon meet 15 leading global fund houses which are keen to invest in India, Tarun Bajaj, secretary, Department of Economic Affairs (DEA), said on Wednesday.

“Fund houses from all over the world are in touch with us and want us to provide good assets with stable returns,” Bajaj said while addressing a virtual event organised by the Confederation of Indian Industry.

The decision follows conversations between funds and the Indian government on longterm investment opportunities here.

The announcement also comes on a day when RBI governor Shaktikanta Das said India is at the cusp of an economic recovery. Bajaj, however, did not reveal names of the funds which would be meeting the PM.

The DEA secretary added that the government was looking at channelising domestic savings and domestic assets.

“There is a lot of capital available in the country and now it’s increasing unlike 10 years ago, when money was not available. For instance, the government is in talks with regulators to tinker rules to allow Employees Provident Fund to put money in the infra sector,” the official said.

He also revealed that the Union Cabinet will soon consider a new public sector enterprises policy, which will allow for the privatisation of the public sector enterprises.

“It is an open secret, but till it gets the stamp of the Cabinet we are not satisfied. It should happen very soon,” Bajaj said, adding monetisation of assets is a focus area of the government and that it is getting a lot of traction.

He said the government has been able to privatise six airports, and now the Airports Authority of India and the Ministry of Civil Aviation are ready with the next tranche of six airports.