Mumbai:Corporate India has welcomed Prime Minsiter Manmohan Singh's suggestion that there is merit in moving towards fuller convertibility of the rupee.
The Prime Minister has urged the central bank and the Finance Ministry to come out with a fresh roadmap for making the rupee fully convertible.
Speaking in Mumbai on Saturday at an RBI function, the Prime Minister urged the Central Bank and the Finance Ministry to come out with a fresh roadmap for making the rupee fully convertible.
He said there is merit in moving towards fuller capital account convertibility within a transparent framework.
"This issue was first examined by the Tarapore Committee. Our own position, internally and externally, has become far more comfortable. I will, therefore, request the Finance Minister and the Reserve Bank to revisit the subject and come out with a roadmap based on current realities. Progress in this regard will facilitate the transformation of Mumbai into not only a regional but also a global financial center," the PM added.
The PM also urged corporate India to work and give Mumbai a new lease of life. He said Mumbai's infrastructure should be given priority considering its potential to emerge as the new financial capital of Asia.
India Inc welcomed the PM's thrust on development of Mumbai's infrastructure.
Chairman at HDFC, Deepak Parekh said, "The state government should wake up, it's a message to local politicians and bureaucrats to get the job done."
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