India has decided to launch a massive auction of long-term assets to raise funds for the needy.
The government is asking for a minimum of Rs. 1,000-2,000 crores for the projects, said Finance Minister Ananth Kumar.
The auctions are being run by the Reserve Bank of India, which has announced that it will not buy bonds or other financial instruments in the first auction, nor will it buy the securities of companies or other public entities.
The Government of India has put the maximum amount at Rs. 6,000crores, though the central government has announced the minimum bid will be Rs. 2,500crores.
The initial auction will be held on January 11, and the government plans to hold more auctions after that.
The target is to raise at least Rs. 7,000 per annum, according to the announcement.
The auction will include an investment of up to Rs. 10,000 for each project.
It will also look at various other projects to raise money, including roads, roads and railways.
The Prime Minister of India is scheduled to attend the first event in the country, which will also include a reception with the Governor General and other officials.
Ahead of the event, the government announced that an advertisement campaign for the auction would be held from Monday.
The Indian government also has been looking at ways to ease the impact of the financial crisis on its citizens, and is set to introduce new tax relief and other measures to help the country cope with the impact, the announcement said.
The announcement was made ahead of the International Monetary Fund’s World Economic Forum meeting, which was to be held in New Delhi on January 18.