Indian to open up financial sector further

By agencies   |   Monday, 26 September 2005, 07:00 Hrs
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WASHINGTON: India has assured to open up its financial sector further but not before having in place appropriate laws and regulators.

“It is our intention to move forward, but at every step the watchword will be caution and placing suitable instruments to prevent financial shocks,” Finance Minister P Chidambaram said.

“We have taken measured steps in banking, insurance, capital markets, securities markets and the debt markets,” he said adding U.S. financial companies have realized the opportunities that lie ahead in India.

“There has been considerable interest on the part of U.S. corporations in the Indian Financial Sector, as this is the sector where Washington's comparative advantage seemed to lie in the present day,” Chidambaram said.

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