FDI in retail at appropriate time: Official

July 5th, 2012 - 8:14 pm ICT by IANS  

Chennai, July 5 (IANS) The Indian government has scope to reduce its borrowings while it is waiting for the right political atmosphere to allow foreign direct investment (FDI) in retail, said a senior official Thursday.

Speaking to reporters here after attending Reserve Bank of India’s Board meeting, union Economic Affairs Secretary R. Gopalan said: “We still think there is some scope for reduction. We are trying to reduce borrowing.”

The government had earlier indicated that it would raise Rs.5.69 trillion (around $103.45 billion) through market borrowings this fiscal.

On the issue of FDI in retail, Gopalan said the government is watching the situation and waiting for appropriate political atmosphere to go forward.

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