India's Chidambaram dismisses SWF plans

Palaniappan Chidambaram, India's finance minister, has said that Delhi has no plans to establish a sovereign wealth fund at the moment.

The comments follow claims by figures such as Y.V. Reddy, the governor of the Reserve Bank of India, that a portion of the country's foreign-exchange reserves would be better managed by a sovereign wealth fund than the central bank.

"There is no such proposal under consideration of the government at present," Chidambaram said in a letter to India's Business S