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Overseas Indians keen to invest

Govt urged to speed up financial reforms
NEW DELiy Sept 4 Oversea* Indians, keen on In vesting In India, have urged the government to speed up financial sector reforms to overcome a setback caused by a billton dollar financial scan dal. reports Reuter
Praful Patel, a London based businessman said the »andal had shaken the confidence of overseas Indians, though he said the governments' han dbng of Its was commendable
"India must move more rapidly towards financial sector reforms to overcome the wtbuck tauaed by the scandal. I'atrl said
Patel who leads a seifen member delegation of nonresident Indians (NRIs) visit Ing Delhi, said India was going ahead with economic reforms as planned
As part of financial sector reforms, the government should open up the banking sector to the full rigours of the market.' he said
India initiated a scries of economic reforms in June last year, beginning with a steep 18.74 per cent devaluation of the rupee against the dollar. In March this year, the rupee was made partially convertible.
The government should now pursue with great vigour the objective of complete con-
vertlblllty by the end of the year Patel said
The government abolished most Industrial licensing and Erotnlsed automatic approval r majority foreign equity tn many Indian joint ventures
Patel said the securities scandal was a setback for the reforms NRIs were not eager to lake Investment decisions, he said
The government must expedite the reforms to remove the situation that the scandal could stow them down.* he said
The dollar 1.2 billion scan dal Involved alleged collusion between stock and securities brokers and bank officials In diverting bankfunds to the Bombay Stock Exchange to take advantage of a b«x>m In share prices, triggered by the reforms
Patel said the International equity, shares (global depository receipts) issued by Reliance Industries Ltd were being quoted around dollar 9.5 each, at almost half the issue price.
He said three other Indian companies which planned to raise funds through similar equity issues had to give up their proposals after the scandal broke In April this year.