Against the backdrop of a widening current account deficit, the finance ministry announced a series of measures to boost capital inflows and to curb the depreciation in the rupee.

Late on Friday night, Arun Jaitley after a long meeting with Prime Ministry Modi addressed a brief media meet stating a five-point strategy:

1. Mandatory hedging conditions for infrastructure loans through the external commercial borrowing (ECB) route will be reviewed.
2. 20 percent exposure limits of foreign portfolio investors' corporate bond portfolio to a single corporate group, company and related entities will be removed, and 50 percent of any issue of corporate bonds will be reviewed.
3. Manufacturing sector entities will be permitted to avail external commercial borrowings up to $50 million with a minimum maturity of one year instead of the earlier period of three years.
4. Masala Bond issues done in the current financial year will be exempted from withholding tax.
5. Restrictions on Indian banks' market making in Masala Bonds, including restrictions on underwriting of such bonds, will be removed.