NEW DELHI: In an apparent defence of the Government’s demonetisation decision, RBI Governor Urjit Patel today told law makers that the note ban’s impact was transient and the economy is robust, sources said.
Patel, who appeared before the Parliamentary Standing Committee on Finance, would give written responses on some of the controversial issues raised by the members, including the Government citing never-used powers to get the central bank on the discussion table, said MPs who were present in the meeting.
Making a presentation on the state of economy, the Governor said the economy would get a boost from oil prices cooling off from four-year highs and asserted that the fundamentals were “robust”.
His views on the economy were “optimistic”, sources said.
Members were also informed that credit growth was 15 per cent, inflation has come down to 4 per cent and cash to GDP ratio also improved. (AGENCIES)
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