Terming the Reserve Bank of India’s (RBI’s) steps to arrest the rupee’s slide as short-term measures, SBI chairman Pratip Chaudhari has said there was need to enhance equity and foreign investment for India’s long-term growth, besides increasing measures to increase exports.
“There is a need for more equity investment in the country and enhancing capabilities for raising exports since currently imports exceed exports,” said Chaudhari. “These are short-term measures while the country needed steps for a long-term growth.”
The government and the RBI on Monday announced steps to boost foreign inflows, including hiking FII limit in sovereign bonds.
Referring to the ongoing merger process of associate banks with the SBI, he said it will be done in a gradual manner, one every year and not all of them together.