Should India set up a Sovereign Wealth Fund?
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Should India set up a Sovereign Wealth Fund?
» Snahil joshi, India, 2012-07-17 14:22:33
Sovereign wealth funds are established to manage excessive foreign exchange reserves, commodity exports, the proceeds of privatizations and fiscal surpluses. The main policy rationale behind setting up a sovereign wealth fund is not to secure access to natural resources or acquire strategic assets abroad, as perceived by New Delhi. Unlike West Asia, India does not have any dominant exportable commodity (such as oil or gas) so as to generate significant surpluses. Besides, India also runs a perennial fiscal deficit which implies that raising substantial money for a sovereign fund from budgetary allocation would be extremely difficult.Furthermore, there is no guarantee that investments made by the proposed Indian fund will be profitable. Therefore, the Indian authorities should reconsider the proposal for establishing a sovereign wealth fund.
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