I have drawn red lines for Budget: P Chidambaram
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He did not agree with the questioner that FII inflows into stock markets are volatile. Giving figures, he said net FII inflow has shown a secular rise.
"So it tends to remain for the long term. Therefore I think while FDI has a higher priority, I don't see any reason why we should be worried about FII money in equity. As far as the Indian experience is concerned, there's been a secular increase, cumulatively, over the years. So I would welcome both FDI and FII in equity," he said.