P Chidambaram off to US to woo FIIs, hedge fund firms

Oct 08 2013, 09:13 IST
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Finance minister P Chidambaram will try and improve the sentiments of the global investors regarding the Indian economy at  IMF-World Bank meet. Finance minister P Chidambaram will try and improve the sentiments of the global investors regarding the Indian economy at IMF-World Bank meet.
SummaryFM will leave for the US on Tuesday to attend the annual meeting of the IMF and World Bank.

Finance minister P Chidambaram will leave for the US on Tuesday to attend the annual meeting of the International Monetary Fund (IMF) and the World Bank and discuss ways to address current international monetary issues with these institutions. The minister is also expected to meet meet US Treasury Secretary Jacob Lew on October 13.

The World Bank-IMF annual meeting, which will include central bankers and finance ministers from G-20 group of nations, will be held in the US capital from October 8-13.

After the IMF-World Bank meet, Chidambaram will travel to San Francisco for series of discussions with Foreign Institutional Investors (FIIs), executives of multinational corporations and hedge fund managers in San Francisco.

Sources had said that in the meetings, the finance minister will try and improve the sentiments of the global investors regarding the Indian economy.

He is likely to talk about the government's bid to contain the current account and fiscal deficits, speeding up of clearances and infrastructure projects. The minister would stress the country's strong fundamentals arising out of strong savings and consumption levels (these have fallen in recent quarters but in global comparison, are still enviable).

RBI governor Raguram Rajan and economic affairs secretary Arvind Mayaram will join the finance minister to participate in the annual meetings of IMF and World Bank to be held in Washington DC during October 11 – 13.

Two months back, Chidambaram had met top executives in US from Walmart, Boeing, Lockheed Martin International, Microsoft among others.

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