Government eased overseas borrowing norms to push fund flows:

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India has eased overseas borrowing rules to allow easier access to cheap dollar funds to housing finance companies such as HDFC, small industry financier SIDBI and permitted non-resident entities to provide rating enhancement facility to Indian borrower. The move will also help boost capital flows by allowing even lower rated companies to raise dollar funds.

The government has allowed foreign entities to provide credit enhancement to rupee bonds of Indian companies, which will improve their appeal to investors. The facility will now be available to manufacturing sector as well to help them raise funds to revive investments plans stuck because of high interest costs. The finance minister had in his first statement after taking over said the government was prepared to remove all sticking points to bring the country back on growth path and regain confidence of all stakeholders.

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