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Should India create a sovereign wealth fund? India has foreign exchange reserves of around $280 billion. The practice at present is to invest these funds in sovereign debt instruments of the world`s strongest economies, reshuffling the portfolio to minimize exchange rate losses. The return on such assets is ridiculously low, and is slated to remain low for some time. The opportunity cost is huge. The catch is the integrity challenge.
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Sunder Thadani
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