India will ease overseas borrowing norms for the manufacturing sector, its finance minister said after an economic review meet chaired by Prime Minister Narendra Modi late on Friday, as the government announced a slew of measures to stem a sharp fall in the rupee.
The rupee has been the worst performing Asian currency this year. Despite strong GDP growth, the currency has weakened about 11 percent this year amid higher oil prices and a broad sell-off in emerging markets, widening India`s current account deficit and a worsening balance of payments that slipped into the red in April-June for the first time in six quarters.
Finance Minister Arun Jaitley said manufacturing entities will be permitted to avail external commercial borrowings (ECBs) of up to $50 million with minimum maturity of one year, down from three years earlier.
TRENDING NOW

2023 Exit Polls: Check when and where to view result predictions for Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, Mizoram election

Mizoram Election Results 2023: Check out date, time of counting of votes, result announcement of 40 Assembly seats

PPF vs VPF vs ELLS Mutual Funds: Options that give you returns and tax benefits in your retirement planning
He said India will also relax rules to raise masala bonds, or rupee-denominated overseas bonds, for banks and will take measures to cut down "non-necessary" imports.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
10:30 pm