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India might ease restrictions on foreign direct investment (FDI), its finance minister said yesterday, and he called on the central bank to cut interest rates to revive growth. “Many caps can be removed or certainly relaxed,” and a review of the limits had begun, Palaniappan Chidambaram said. The review may herald a sweeping relaxation of the investment caps in about two dozen industries ranging from telecommunications to banking, which would be India’s biggest opening to overseas companies since the 1990s. Chidambaram estimates the country’s economy may need more than $75 billion (R690bn) of foreign capital this year and next to fund a record current account gap. A narrower budget deficit had created space for a rate cut, he said before the central bank’s policy decision today. He said Indian firms seemed “quite happy” with the rupee at its level of 54 to 55 to the dollar. Ten-year government bonds rose after the minister’s comments, but three-month non-deliverable rupee forwards weakened to 55.24 to the dollar. – Bloomberg
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