Industry & Economy
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Economy
AP Govt urged to go for `quality borrowing'
Our Bureau
Hyderabad
,
June 21
THE newly appointed Advisor to the Andhra Pradesh Government and Chairman of the Visu Group of Companies, Mr C.C. Reddy, has suggested that the new government to take `quality borrowing' as cornerstone in policies towards foreign funds.
The advisor on foreign investments and human resource placement said he would use his three decades of experience in the West to benefit the people of the State as the new assignment consisted of two vital parts - foreign investment funding and human resource placement abroad.
According to him, the mobilisation of foreign funds consisted of three parts - investments (both government and private), loans for developmental activities and grants (non-repayable).
In a press release here, he said the international borrowing policy hitherto was flawed since the borrowing was indiscriminate without regard to rate of interest and attached terms and conditions.
The policy also lacked enough focus on requirements of the State while procuring sector specific loans.
He prioritised the importance of studying international interest rates while accepting foreign loans. He was of the view that accepting loans with conditions attached was not proper if the interest rate is not below the international standards.
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