Finance Minister P Chidambaram draws a line to check CAD at 3.7%

Finance Minister P. Chidambaram: No repeat of forced migration

Towards this end, he announced a slew of measures including quasi-sovereign bonds by state-owned firms, relaxation in norms to enable banks garner deposits from non-resident Indians and an increase in import duties on non-essential goods. In its Monday edition, ET had reported that a catena of measures to contain CAD would be announced later in the day. These steps, said Chidambaram, are expected to result in additional inflows of $11 billion, which when added to normal inflows of $65 billion would be enough to finance the projected current account deficit of $70 billion. “This is as much a red line as the fiscal deficit. We will do all to ensure that it is not breached.

United Asia Finance May Seek Hong Kong IPO If Valuations Improve

Violence…was the result of argument between two people, which led to the clashes between two groups, Chidambaram said. Chidambaram, who headed the home ministry until July last year, when he was shifted to the finance ministry to tackle the pressing economic issues facing the nation, assured that the federal government would not allow repetition of 1990 when the Hindu community was forced to leave the Kashmir Valley following communal tension in the border state. We will not allow repetition of 1990. We will not allow forced migration.

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United Asia expanded lending on the mainland last year by more than 60 percent to more than 2 billion yuan ($327 million), compared with 10 percent growth in its Hong Kong loan book, which totaled HK$8.3 billion ($1.1 billion), Chief Executive Officer Akihiro Nagahara said in an interview on Aug. 9. The company has invested more than 4 billion yuan in its China operations. Listing will improve our transparency and help us get capital for expansion, Nagahara said. If the market improves, with better price-to-valuation, Id like UA Finance to list on Hong Kongs main board. The company has no listing plans for now, he said.


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