'India needs full capital account convertibility' - Times of India

The author has posted comments on this articlePTI | Apr 16, 2015, 04.35AM IST

Sinha's comments follows RBI governor Raghuram Rajan's statement last week that the central bank is looking at allowing full capital account convertibility in a few years. 

NEW DELHI: India needs to move towards full capital account convertibility and deepen its capital market to become a leading global economy, minister of state for finance Jayant Sinha said on Wednesday.

"There are many policy measures and many things that we have to do over a period of time, if indeed India has to become a leading global economy... We have to make it possible for our capital markets to be broader, deeper and for that to happen, capital account convertibility also becomes important," Sinha told reporters at an event here.

Incidentally, International Monetary Fund (IMF) said on Tuesday that India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5%, helped by its recent policy initiatives, pick-up in investments and lower oil prices. World Bank too has similar GDP growth forecast for India for the current fiscal.

Sinha's comments follows RBI governor Raghuram Rajan's statement last week that the central bank is looking at allowing full capital account convertibility in a few years.

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