Explaining the reason for this, the central bank said that the RBI was afraid that this could lead to turmoil in the market and instability in the financial market.
Central Bank has a RTI In response to said that the Reserve Bank of India retail inflation (Retail Inflation) The Central Government has not made its letter public on measures to stop it. Giving reason for this, he said that RBI It was feared that this could lead to turmoil in the market and instability in the financial market. Public disclosure of confidential letters from the RBI to the government could dash expectations and disrupt the transmission of monetary policy, which, in turn, could reduce growth prospects and harm economic interests.
What was the statement given by Pankaj Chowdhary
State Minister of Finance Pankaj Chowdhary had said in December that the Government of India would not make public the recent RBI letter on inflation. In response to questions asked in the parliamentary session, the minister cited the RBI Act of 1934 for not making the inflation report public. Under Section 45ZN of the RBI Act, the central bank submits its report to the central government, explaining the reasons for the RBI not being able to meet its inflation target, and also stating that it has under-reported the inflation figures. What measures have been taken to do and fulfill your target.
Letter will be issued on time
The RBI’s Monetary Policy Committee met in November to discuss the bank’s report to the government for failing to meet inflation targets for three consecutive quarters for the first time. Speaking at a banking conclave in November, RBI governor Shaktikanta Das had said that the central bank has no authority to make public the letter submitted to the government. He had also said that the content would be made public at the right time as the letter would go to Parliament.
Inflation forecast has been reduced
RBI has reduced the estimate of retail inflation from 6.5 percent to 5.3 percent in the next financial year. The RBI’s inflation forecast for the current fiscal has been revised upwards to 6.5 per cent from the earlier estimate of 6.8 per cent, with vegetable prices falling more than expected and the Indian basket of crude oil at $95 a barrel. Let us tell you that due to the disruption in the supply chain due to the Russia-Ukraine war, the whole world has faced inflation. Because of which other central banks of the world including RBI have increased the policy interest rates.
Source: www.tv9hindi.com
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