Norway keen to invest surplus funds in India
NEW DELHI: Oil-rich Norway is looking at India to park its surplus funds in assets that could provide good returns, Svein Gjedrem, governor of the central bank of Norway, said here on Tuesday. "Asia is an attractive investment destination and India is a major player in Asia," said Gjedrem, addressing a select gathering at the Confederation of Indian Industry. The Norges Bank governor said the fiscal discipline followed by his country had resulted in a surplus of 15-20 percent in their budget mainly due to earnings from rich oil and gas reserves and high tax rates.
Under the fiscal rules in Norway, four percent of the budgetary surplus was permitted for investment in the country and the rest had to be invested in international assets that would provide returns.
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