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Telangana information technology (IT) minister KT Rama Rao said on Wednesday Canadian Pensioners' money being used in India for infrastructure projects but our own pensioners' money is lying idle.
"I think about Rs 6-7 lakh crore is out there and the government of India needs to make a couple of bold moves with respect to this," Rao told CNBC-TV18 on the sidelines of the World Economic Forum 2020 at Davos.
"Secondly, the economic affairs department needs to work with the states because we have large investment arms like Abu Dhabi Investment Authority (ADIA), Mubadala Development Company, GIC, many such entities wanting to work with the states, wanting to talk to the states but unfortunately DEA has become a stumbling block in a lot of ways."
Couple of bold moves are required from the government of India in terms of allowing states to access more capital, allowing them to spend more on sustainability of agriculture, Rao said.
"We spend nearly $2 billion every year on farm input assistance which again led to PM Kisan Yojana, of course it is the right thing to do because you are empowering the rural economy, you are revving up the rural economy but allowing us to possibly do more with FRBM limits, allowing us to access more capital, allowing to us engage directly bilaterally with agencies such as the ones I mentioned is the way forward."
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