India Inc today warned the government against full float of rupee without putting in place proper safeguard mechanisms and containing fiscal deficit. | |
| "A 10 per cent deficit is not the time to look at capital account convertibility," new CII President R Seshasayee said. |
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| He added that the Indian industry was not against moving towards full capital account convertibility, but felt it would be foolhardy to go in for full float without proper safeguards. |
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| On the booming stock market, Seshasayee said the present state was "not a bubble" and the country had a vigilant regulator to check any malpractices. |
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| Seshasayee, who showed concern over the spate of free trade agreements being signed by the government, demanded a comprehensive strategy to ensure a level-playing field for the domestic industry including small and medium enterprises. |
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