Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Viral Acharya’s Speech Created False Sense That Something is Wrong, Says DEA Secy Garg

"Couldn’t understand the why of Dr Viral Acharya’s speech. I am a bit disappointed with this," says DEA Secy Subhash Garg.

News18.com

Updated:November 24, 2018, 7:35 PM IST
facebookTwitterskypewhatsapp
Viral Acharya’s Speech Created False Sense That Something is Wrong, Says DEA Secy Garg
Economic Affairs Secretary Subhash Chandra Garg. (Twitter)
Loading...

New Delhi: The reason why the November 19 RBI board meeting, which normally is a routine affair, became the most sought-after event of the week was addressed again on Saturday by Subhash Garg. This time the secretary of department of economic affairs was candid to say, “the language used could have been avoided.”

Almost a week after the Reserve Bank of India (RBI) meet, Garg in an interview with CNBCTV18 said, “We couldn’t understand the why of Dr Viral Acharya’s speech. I am a bit disappointed with this. The language could have been avoided. It created a false sense that something is wrong.”

RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.

Tensions between the RBI and the government escalated, with the finance ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

“If consultation in principle leads to resolution no need to invoke section 7, otherwise Government still reserves the right. On some issues resolution has been reached, some remain. Section 7 (of RBI Act) is not the 'nuclear' or 'brahmastra' as being perceived,” added Garg.

On the question of RBI and the Centre working in tandem he said, “Government and RBI are not siamese twins but are very close to each other and share an intense relationship.”

However, he also did not miss mentioning that, “economic capital framework of the RBI is excessively conservative.”

Cautioning the economy he said, “Liquidity continues to be a concern; if not addressed may impact consumption story. It will be discussed in the next RBI board meeting.”

| Edited by: Anu Parthiban
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 2,263.50 -1.47
Yes Bank 90.65 -0.55
Reliance 1,273.55 -0.54
Kotak Mahindra 1,494.00 2.73
HDFC 2,138.50 -2.21
Company Price Change %Gain
Yes Bank 90.70 -0.49
Reliance 1,272.85 -0.60
Bajaj Finance 3,275.45 0.83
Maruti Suzuki 5,875.35 -0.62
HDFC Bank 2,263.95 -1.44
Top Gainers
Company Price Change %Gain
Power Grid Corp 210.45 3.11
Kotak Mahindra 1,494.00 2.73
Hero Motocorp 2,469.30 2.73
ITC 270.65 2.36
Asian Paints 1,429.35 1.79
Company Price Change %Gain
Power Grid Corp 210.40 3.14
Kotak Mahindra 1,493.70 2.76
Hero Motocorp 2,469.30 2.68
ITC 270.70 2.38
Asian Paints 1,428.35 1.78
Top Losers
Company Price Change %Gain
SBI 342.20 -2.47
Indiabulls Hsg 640.55 -2.34
HDFC 2,138.50 -2.21
Adani Ports 399.75 -1.83
Bajaj Auto 2,523.85 -1.52
Company Price Change %Gain
SBI 342.05 -2.49
HDFC 2,137.65 -2.24
Coal India 218.00 -1.45
HDFC Bank 2,263.95 -1.44
Bajaj Auto 2,524.95 -1.43

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results