A new note

Press Note 18 of 1998 makes way for Press Note 1 of 2005. Pop the champagne.

Press Note 1 of 2005 is good news for foreign investors. Perhaps Press Note 2 of 2005 can direct the wise people who are in the business of naming such notes to be a bit more creative when it comes to choosing a title for their policies.

But Dr Manmohan Singh’s government likes to maintain the celestial balance. In parallel with the closure of the debate over foreign direct investment, it created a flutter when the governor of the Reserve Bank of India publicly contemplated capping Foreign Institutional Investment flows. Mercifully, the finance minister quickly clarified that the government has no such plans up its sleeve.

So, drink up.

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