indian central banks admirable role saved rupee from becoming unstable
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Indian central bank's admirable role saved rupee from becoming unstable

Arab Today, arab today

Arab Today, arab today Indian central bank's admirable role saved rupee from becoming unstable

Arvind Panagariya, vice chairman of NITI Aayog of India.
New York - Arab Today

India’s central bank played an "admirable role" in bringing "incredible" stability to the rupee in the face of demonetisation and global upheavals like Brexit and the US elections, NITI Aayog Vice Chairman Arvind Panagariya has said.

"Those who have been critical of demonetisation don't understand what a gigantic task it was to remonetise the economy," Panagariya said at a lecture on 'Economic Policy and Performance in India Under Prime Minister (Narendra) Modi' hosted by the Deepak and Neera Raj Centre on Indian Economic Policies at Columbia University. 

Noting that the rupee had witnessed a massive devaluation in 2013, Panagariya said that a "much bigger shock" was administered in November last year both due to demonetization and "more importantly" due to the events in the US which led to capital leaving virtually all emerging markets.

He credited the Reserve Bank of India (RBI) for playing a significant role in ensuring that the rupee remained stable in the wake of not just demonetisation but also global phenomena like Brexit and the US Presidential elections.

"But the rupee remained incredibly stable and the credit for it goes to the Reserve Bank of India (RBI). You only heard about the demonetisation story during this period but nobody noticed this fact that the RBI played an admirable role in ensuring that the rupee did not become incredibly unstable. The RBI had a great role to play in that," he said.

Panagariya said that demonetisation is being followed up by measures like digitisation of the transactions. He further said that few people criticising the demonetisation policy had said that only six per cent of the money was black money.

"I don't think six per cent could have generated so much of the transactions that went on in the major cities of India where old currency was being traded on a massive scale at a huge discount.

"I do think that a much larger part of the currency was actually black money. If it was all white then what was the need for the massive transactions that happened where old currency was exchanged at a discount," he said.

He said Modi had sent the signal very strongly "that don't take this for granted. Demonetisation sends a very very strong signal that the days when the Central Government was complacent are over. If you misbehave, it will be seen that you pay for it," he said here on Monday.

He stressed that the government's policy was to combat black money and demonetisation "had to be the part of the overall strategy."

"This was not a decision taken in isolation," he said at the lecture at the varsity's School of International and Public Affairs, adding that "fighting corruption was a major commitment of the Prime Minister."


Source :Times Of Oman

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian central banks admirable role saved rupee from becoming unstable indian central banks admirable role saved rupee from becoming unstable

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

indian central banks admirable role saved rupee from becoming unstable indian central banks admirable role saved rupee from becoming unstable

 



GMT 13:49 2017 Thursday ,08 June

Boko Haram kills 11 in NE Nigeria attacks: police

GMT 09:08 2017 Monday ,11 September

Palestinian court grants bail to prominent activist

GMT 00:06 2018 Wednesday ,24 January

Emirates signs agreement for 36 additional A380s

GMT 09:59 2018 Wednesday ,10 January

Pakistan reiterates solidarity with Saudi Arabia

GMT 23:01 2016 Wednesday ,30 November

21 killed in artillery shelling of eastern Aleppo

GMT 09:22 2016 Monday ,10 October

US troops in Kuwait came under 'suicide' attack

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 11:24 2017 Wednesday ,15 February

ISIS kidnapped 16 civilians from Anbar

GMT 19:30 2018 Wednesday ,31 October

King congratulates Antigua and Barbuda Governor-General

GMT 00:05 2017 Thursday ,28 December

Guterres extends mandate of UN-backed Lebanon tribunal

GMT 01:49 2017 Wednesday ,18 October

Iran considered dropping Turkey to fight the Russian

GMT 00:02 2017 Friday ,01 September

July24th-August23rd
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday