India is seeking to set up a sovereign wealth fund (SWF) with more than $10 billion in assets, Reuters reports. The SWF will help acquire energy assets overseas to meet increasing demand in the domestic market.
India’s central bank is skeptical, though, about setting aside part of the country’s foreign exchange reserves for the scheme as huge amounts of capital are needed to finance a large current account deficit. The size of the fund may be increased once the fund is approved.
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