Finance Minister P Chidambaram has promised more economic reforms and a review of the limits on FII investments in government and corporate bonds in a bid to check the current account deficit.

Addressing the National Editors’ Conference in New Delhi yesterday, the minister said, once FII investments in corporate bonds reach 80 per cent of the permitted 51-billion dollar ceiling, it would be reviewed to help large investors firm up their plans. He said the 25-billion dollars limit on FII investments in government bonds would be revisited when needed. The Finance Minister said that these changes will be made operational by April 1, 2013.

The Finance Minister said, the need of the hour is to ensure that the reform measures announced to liberalise foreign direct investment in multi-brand retail, aviation and some sectors of broadcasting as well as the direct benefits transfer scheme are implemented efficiently to achieve the anticipated upturn in the economy. The minister added the government was steadily and surely working on next generation of reforms.