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IndiaPosted at: Jan 19 2016 2:19PM


Congress worried of trend of outflow of foreign funds from India market

New Delhi, Jan 19 (UNI) Congress today expressed concern over reported sharp outflow of foreign funds in the market and slammed the government for not taking cognizance to the trend that "prevailed in the first fortnight of new year". "The first two weeks of 2016 have seen the sharpest foreign funds outflow since SEBI had started keeping records in 1999...Foreign Portfolio Investors have taken out 700 million dollars from the Indian markets in 2016...Prime Minister Narendra Modi and Finance Minister Arun Jaitley appear clueless on how to stop this outflow," the principal opposition party said in a note. "This NDA government has launched large schemes with catchy slogans and grand targets, but doesn’t know how to accomplish them...lack of application in India’s economic strategy is evident from the latest data on Index of Industrial Production, which reached its lowest point in 4 years, contracting by 3.2 per cent in November," the party held. Capital goods, which were an important indicator of investments, contracted sharply in December by 24 per cent...worryingly, long-term funds invested in India are also witnessing redemption, which don’t bode well for our economy, it said. "Even as our economy is staring down the barrel, the BJP government is busy doing what it does best -- launch a new scheme and indulge in jugglery of numbers...On 16th January, Government launched ‘Start up India’, ostensibly to make India a ‘start-up hub'...as usual, the Prime Minister will be claiming credit for and repackaging what the Congress had already put in place," the party asserted. Between 2004 and 2014, India received 90 billion dollars in venture capital and private equity financing for 4000 companies, of which at least 2000 may well be start-ups....this had led to India becoming the third largest ‘start up’ country in the world, even before Mr Modi coined his “Start up India” slogan", it said. Accusing the Prime Minister of arrogance, the party said, "Mr Modi thinks that there is nothing wrong with our economy and believes that it is performing well...this flies in the face of all data that has come out in the last 2 months...as our inflation rises, job growth stagnates and foreign funds leave our markets, we urge the Prime Minister to take charge of the Indian economy, before it’s too late", the opposition party demanded. UNI SS SW AE 1418
Tags: #Congress worried of trend of outflow of foreign funds from India market
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