RBI to announce new scheme for overseas rupee bonds soon: Shaktikanta Das

Says govt working on new framework which will make it easier for foreign cos to open project offices

Promising more reforms to push growth above 7.5% this fiscal, the government today said a new scheme would be unveiled soon for floating rupee bonds abroad while a new framework is being readied to make it easier for foreign companies to open project offices here.

Speaking here at the event to formalise merger of commodities regulator FMC with capital markets watchdog Sebi, Department of Economic Affairs Secretary Shaktikanta Das said that unleashing reforms is a continuous process and the government does not wait for the budget for the same.

He also said that more regulation does not mean "it is intrusive, (and) it can be benign" too.

"Government is committed to unleash a series of reforms in various sectors to push growth. A draft of GST (Goods and Services Tax) is now ready to be presented before Parliament," he said.

Das further said the biggest challenge for Finance Ministry is to ensure revival of demand in an uncertain global market.

"Given the global uncertainties, India is the single brightest spot at the world stage. But, we cannot be complacent. We will continue with reforms to push growth above 7.5% this fiscal.

"We have taken steps for demand revival, but it can't be taken only through fiscal stimulus. We don't have the space, demand revival has to be investment-driven," he said.

Das said that the government is working on a scheme where opening of branch or project offices by foreign companies gets simpler.

"We will be announcing this scheme shortly," he said.

He also said that RBI will announce a scheme for floating rupee-denominated bonds overseas shortly.