Overseas investors have infused over Rs 12,600 crore into country's equity markets this month, making it highest inflow in four months on rising hopes of passage of the GST Bill in the Rajya Sabha and expectations of better corporate earnings.
Besides, foreign portfolio investors (FPIs) have invested Rs 6,845 crore in the debt markets during the period under review. Experts are hopeful that the Goods and Services Tax (GST) Bill will be passed in the Upper House of Parliament. The Bill is likely to introduce in the Rajya Sabha this week. With states onboard and the Cabinet approving the amendments, the government is hopeful of passage of the long-pending GST Bill in the ongoing monsoon session of Parliament, which ends on August 12. Further, the monsoon did not disappoint and experts are hoping for better corporate earnings numbers for the quarter, which helped in boosting investor sentiment.
According to depositors' data, the net investment of FPIs stood at Rs 12,612 crore in equities in July, while it was Rs 6,845 crore in the debt market, taking the total inflow to Rs 19,457 crore (USD 2.89 billion). This was the highest net inflow since March, when FPIs had pumped Rs 21,143 crore in the stock markets. So far this year, FPIs have invested Rs 31,778 crore in equities while withdrawing Rs 4,723 crore from the debt market. This resulted in a net flow of Rs 27,055 crore.
Meanwhile, NRIs and Persons of Indian Origion (PIOs) will now be able to make monetary contributions online for government’s flagship programmes ‘Swachch Bharat’ and Clean Ganga among other social sector projects, External Affairs Minister Sushma Swaraj announced here.
Swaraj said this while chairing a meeting of the India Development Foundation of Overseas Indians (IDF-OI), a not-for-profit trust established by government of India with an aim to supplement country’s social development efforts.
“Facilitating diaspora’s desire to give back to India. EAM chairs 6th Board Meeting of IDF-OI in Delhi @GivingtoIndia,” External Affairs Ministry Spokesperson Vikas Swarup said.
The minister also unveiled IDF-OI’s Online Payment Gateway at the Meeting. “Glad to inform that NRIs/PIOs will now be able to make contributions online to IDF-OI, by using their credit/debit cards,” Swaraj was quoted as saying.
During the meet, the Board Members discussed ways to enhance diaspora engagement with India’s social sector.