Reserve Bank of India (RBI) Governor Urjit Patel took the stage at the eighth edition of Vibrant Gujarat Summit stressing on the need to press for a more fluid and smoother policy implementation. We have to continue to work for transmission of policy measures effectively, he said.
Patel’s comments come amid deepening secrecy over who took the call to demonetise Rs 500 and Rs 1,000 notes two months ago. On November 8, Prime Minister Narendra Modi announced the decision to declare invalid Rs 500 and Rs 1000 notes wiping off currency notes worth nearly Rs 15 lakh crore.
Addressing the audience at the summit, Patel said RBI is working closely with IFSC stakeholders on diverse subjects. The government has successfully embarked on fiscal consolidation path since 2013. Besides, a supportive government policy on food helped RBI combat inflation, he said.
Speaking at the summit on Tuesday, Prime Minister Narendra Modi promised to bring a paradigm shift in polity and economy by providing corruption-free regime and easing processes to make India the easiest place to do business.
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