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Department of Economic affairs secretary Ajay Seth on Thursday said that a well thought thorough measures taken by the Reserve Bank of India (RBI) are helping keep economic affairs in check.
He said that RBI measures will have a positive impact on foreign flows in the country and also added that due to necessary measures taken by RBI, the rupee has already appreciated.
While responding to queries made by reporters, Seth also added that RBI measures are on procedural part so those who want to invest in ECB, equity can do so with ease.
RBI measures relate to how we can better provide the FPIs on the yield curve, Seth told Zee Business.
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रुपए पर RBI ने जरूरी कदम उठाए हैं…महंगाई में कमी के लिए सेंट्रल बैंक कर रहे हैं प्रयास: अजय सेठ, सेक्रेटरी, DEA@talktotarun @FinMinIndia #RBI #AjaySeth #Rupee pic.twitter.com/v8bvXxTbyQ
— Zee Business (@ZeeBusiness) July 7, 2022
At the same time, Seth opined that these are transitory measures for shorter duration External Commercial Borrowings (ECBs).
“We Will see trends in crude prices before taking decisions on windfall tax,” said Seth on a question about crude oil.
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He also stated that “Central banks are trying to cool down inflation but it will not necessarily lead to recession.”
Seth further commented about worldwide economic slowdown and said “Slowing down in advanced economies is a natural outcome.”
Meanwhile, he said that we expect the global challenges to subside in the short term
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