The biggest challenge on policy front is the fight against the perception that a small number of big corporations do cozy deals with the government, Planning Commission Deputy Chairman Montek Singh Ahulwalia has said.
While surging interest rates at home had prompted many Indian companies to look offshore to raise dollars this year, risk-aversion among banks has pushed up the cost of offshore debt and made it scarce for all but the highest-rated borrowers.
Seeking to finance acquisitions and their aggressive expansion, Indian companies raised funds through foreign currency convertible bonds (FCCBs) and bank loans before the financial crisis struck in 2008.
Indian companies listed on the
American bourses notched up handsome gains in 2009 as their
aggregate valuation scaled upward by USD 70 billion with stock
markets worldwide rallying substantially in the year.
Indian stocks trading on the
American bourses added USD 5.33 bn to their cumulative
market capitalisation, with the IT bellwether Infosys
Technologies and private sector lender ICICI Bank accounting
nearly half of the gain.