Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Fri, 17 Jun 2022 02:15 PM IST
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Reserve Bank of India Governor Shaktikanta Das on Friday said that it was a necessity to tolerate high inflation during the Corona pandemic. We are taking appropriate steps to control this. We stand by our every decision.
Das said the central bank was in line with the needs of economic development and the laws governing the RBI clearly mentioned about managing inflation. RBI focused on growth in the pandemic situation and introduced easy liquidity conditions. Despite this, the economy shrank by 6.6 per cent in FY21. It is worth noting that this statement of the RBI Governor comes after former Chief Economic Advisor Arvind Subramaniam’s remark that the Reserve Bank was delayed in taking appropriate steps to control inflation.
Shaktikanta Das said that in March the RBI realized that economic activity was above pre-pandemic levels and decided to focus on curbing inflation. To this he added that RBI has acted proactively and I do not agree with any of the assumptions against the decision. He said that just imagine if we had started increasing the rates early, what would have happened to the development?
Along with this, Das said during his address that very soon the rules framed to ensure secure digital transactions will be disclosed. Along with this, a strict rule will also be brought for the extortionists. The RBI governor said there is a need for global cooperation for blockchain players.