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India well placed to net foreign fund flow: FinMin
August, 20th 2011

Indias top financial bosses on Friday did a quick stocktaking of the rapid deterioration in the global economic situation, but concluded that Indias stock markets have handled the contagion effect better than the US and Europe.

Finance minister Pranab Mukherjee talked with RBI Governor D Subbarao over the phone and met Prime Ministers Economic Advisory Council chairman C Rangarajan but refrained from announcing any measures to perk up the markets.

The RBI has maintained that there is no room for easing up the current interest rates as the inflation rate is still unacceptably high, while growth in the industrial sector is still holding out.

A statement released after the markets closed on Friday from the ministry said: The effect of the market sentiments in the US and Europe has a bearing on our markets as well in the short term.

Mukherjee indicated that the current market volatility has affected the governments plans to sell stake in state-run firms, but announced that it is working on disinvestment in six firms, including Nalco.

I am fully aware of the current volatile situation in the market, and surely not only me, any prudent Finance Minister would not like to dispose of valuable assets, the minister informed Parliament while replying to a question.

Worried over the recent volatility in the stock market, the department of disinvestment is reviewing its disinvestment plans and could even lower the Rs 40,000 crore target for proceeds from disinvestment receipts for 2011-12.

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