There are expectations that the taking over of the finance ministry by the Prime Minister Manmohan Singh will revive the growth in the Indian economy and return it to the trajectory of high growth rate.
Dr. Singh has already pushed the finance ministry into action to calm investors, who have expressed serious concerns over the regulatory changes in the country. The appointment of team of Montek Singh Ahluwalia and Rangarajan has raised people's expectations that the national economy could get a much needed boost.
The finance ministry said in its draft guidelines that General Anti Avoidance Rules will come into effect from April 1, 2013. The draft guidelines have also said that only those that foreign institutional investors will come under GAAR, who have opted for dual taxation avoidance agreements.
Prime Minister Manmohan Singh has taken charge of the finance ministry until a new finance minister is appointed. The Prime minister might hold the portfolio until the next Parliament session and will take steps to boost the slowing economic growth in the country and boost investor confidence.
Global brokerage house Morgan Stanley has announced that it upgrading Indian stocks to 'equalweight', bringing some relief to the national economy after months of serious concerns expressed by the foreign investors over changing regulatory framework in India.
India's appears to be moving up on the radar of foreign investors in just days after the Prime minister took over the charge of the finance ministry. Foreign brokerages like Deutsche Bank, Morgan Stanley, BNP Paribas and JP Morgan are moving to upgrade Indian stocks.
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