In a significant shift in its stance, the Reserve Bank of India the custodian of India's foreign exchange reserves has supported the proposal to set up a sovereign wealth fund (SWF). But, unlike other countries, including China, which recently set up a $200 billion fund, its focus will be limited to the infrastructure sector.
Industry body PHD Chamber suggested that the government should create a $ 35 billion Sovereign Wealth Fund (SWF) from the $ 293 billion foreign. reserves.
SWF is state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments.
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
Finance Minister P Chidambaram has said the govt is not considering setting up of sovereign wealth fund. It was suggested that India, which has a forex reserves in excess of 300 billion dollars, should launch its SWF. The SWFs are government-owned investment vehicles, which have acquired significance in the recent times due to their proliferation and size. The 40 SWFs around the world collectively manage a corpus of about $ 3 trillion.
SWF is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments.
SWF is a state-owned investment fund comprising of financial assets such as stocks, bonds, property, precious metals and other financial instruments that are invested globally.
The Indian government is once again considering whether it should establish a Sovereign Wealth Fund with an initial endowment of $10 billion. Would that be a wise policy? The answer depends on the fund's objectives. Consider five possible objectives.
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