Public Account Committee to call RBI Governor in Jan to review economic impact
Public Accounts Committee (PAC) today chose to call RBI Governor and top Finance Ministry authorities next month from now to review the economic situation following the demonetisation of high value notes.
The choice to call RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das was taken unanimously by every one of the members from the Committee, headed by senior Congress leader K V Thomas.
“In the PAC meeting today, we took a consistent choice that in first or second week of January, we will call the RBI Governor, Economic Affairs Secretary and Finance Secretary to review the economic situation after demonetisation,” Thomas told PTI after the meeting.
The correct date will be chosen relying upon the accessibility of the RBI Governor, he included.
On November 8, Prime Minister Narendra Modi had declared the demonetisation of old Rs 500 and Rs 1,000 notes.
As per different assessments, the GDP growth this financial is relied upon to witness a decay because of demonetisation, yet the range changes from 0.5-2 per cent.
After releasing GDP numbers for July-September, Chief Economic Adviser Arvind Subramanian had yesterday said: “What we have for the first half are genuine numbers. It demonstrates great steady execution. For the second half, we should see, there is a ton of uncertainly. We need to analyse it before we say something.”
The Indian economy grew 7.3 per cent in the second quarter of 2016-17, up from 7.1 per cent in the past three- month time frame, according to the government date.
Last week in the Rajya Sabha, former Prime Minister Manmohan Singh had said the demonetisation step was a “monumental management failure” which would prompt to 2 per cent drop in GDP growth.