Insta
Demonetisation Will Transform Indian Economy, Says RBI Governor Urjit Patel
Dr Urjit Patel (PUNIT PARANJPE/AFP/GettyImages
On the eve of the deadline for citizens to deposit demonetised currency in banks, Reserve Bank of India (RBI) Governor Urjit Patel said that demonetisation will have a transformative effect on the economy going forward, despite some short-term disruptions and "public hardship".
"The withdrawal of specified bank notes will impart far-reaching changes going forward. It is expected to significantly transform the domestic economy," Patel said on Thursday in his foreword to the half-yearly Financial Stability Report.
He said the increasing adoption of digital modes of payments will lead to greater intermediation, efficiency gains, accountability and transparency. Patel acknowledged that demonetisation of high-value currency has caused short-term disruption and hardship.
On the domestic macroeconomic front, condition remains "stable" with a cool-down in inflation, the RBI Governor said, adding that the growth momentum has "slackened" recently.
With inputs from IANS
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
