|
India’s foreign exchange reserves stood at US$137.6 billion as on March 4, 2005. Out of these reserves, foreign currency assets, gold, Special Drawing rights (SDR) and reserve position in the IMF, respectively, account for US$131.8 billion, US$4.4 billion, US$20 million and US$1.4 billion respectively.
The Union Budget 2005-06 has proposed to fund large infrastructure projects through a financial special purpose vehicle (SPV). In this context, it has been indicated that when large infrastructure projects are implemented, the foreign exchange resources can be drawn for financing necessary imports. The SPV is meant to especially benefit large projects in roads, ports, airports and tourism. The projects will be appraised by an Inter-Institutional Group of banks and financial institutions. The SPV will lend funds, especially debt of longer term maturity, directly to the eligible projects to supplement other loans from banks and financial institutions. The borrowing limit of the SPV for the current year has been fixed at Rs.10,000 crore.
This information was given by the Finance Minister, Shri P. Chidambaram, in reply to a question by Shri T.S. Bajwa, in Rajya Sabha today.
BSC/BY/CS-144/05
|
