12  BIS central bankers’ speeches  Impact on domestic investments Another important factor that warrants close monitoring of capital outflows is implication for domestic investment. It needs to be ensured that overseas investment by Indian companies do not crowd-out domestic investments.
As it transpired, his original proposal for the new central bank’s objective was amended slightly during the drafting of the 1933 Act by the addition of the words “to the end that the economic welfare of the Dominion may be promoted and maintained.” That amendment, of course, parallels the words added to the Policy Targets Agreement in December 1996.