Government to cut down non-essential imports: Arun Jaitley

Union Finance Minister Arun Jaitley gave a briefing of the meeting he held with Prime Minister Narendra Modi along with other officials, on Friday. He stressed on the effort to maintain fiscal deficit of India. Speaking on the important decisions taken during the meeting, Union Minister said, “The mandatory hedging conditions for infrastructure loans will be reviewed. It is in relation to the external and commercial borrowings. Second decision was to permit manufacturing sector entities to avail external commercial borrowings up to 50 million with a minimum maturity of one year. It was earlier a 3 year maturity time which has now been reduced to one year. Removal of exposure limit of 20% of FPI's corporate bond portfolio to a single corporate group, company and related entities, and 50% issue of any corporate bonds will be reviewed and 2 decisions in relation to masala bonds were also taken”.