https://sputniknews.in/20230626/withdrawal-of-inr-2000-note-will-not-have-negative-impact-on-economy-rbi-chief-2680100.html
Withdrawal of INR 2000 Note Will Not Have Negative Impact on Economy: RBI Chief
Withdrawal of INR 2000 Note Will Not Have Negative Impact on Economy: RBI Chief
Sputnik India
Last month, the Reserve Bank of India (RBI) withdrew the INR 2000 note from circulation. People can exchange up to INR 20,000 worth of INR 2000 notes at any bank till September 30.
2023-06-26T14:09+0530
2023-06-26T14:09+0530
2023-06-26T14:09+0530
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India's central bank chief Shaktikanta Das on Monday said that its decision to withdraw the INR 2000 currency note from circulation would not hurt the Indian economy negatively.His comments come at a time when India emerged as a "bright spot" in the world economy. The South Asian nation of 1.4 billion people was the world's fastest-growing economy in 2022-23, recording a growth rate of 7.1 percent.According to the RBI, the projections for 2023-24 are on the same track, with India expected to achieve a GDP rate of about 7 percent. However, the RBI boss warned that the Indian economy could face certain challenges related to climate that could derail its growth.Also, Das noted that the central bank's recent measures have helped in easing inflation, which now stands at under 5 percent in more than two years.Coming back to the INR 2000 currency notes were introduced in 2016 following Prime Minister Narendra Modi's move to demonetize INR 500 and 1000 currency notes in the country.That's why the RBI's withdrawal of the INR 2000 note was labeled as a "mini-demonetization" by some sections of the media.
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Withdrawal of INR 2000 Note Will Not Have Negative Impact on Economy: RBI Chief
Last month, the Reserve Bank of India (RBI) withdrew the INR 2000 note from circulation. People can exchange up to INR 20,000 worth of INR 2000 notes at any bank till September 30.
India's central bank chief Shaktikanta Das on Monday said that its decision to withdraw the INR 2000 currency note from circulation would not hurt the Indian economy negatively.
"I can tell you very clearly that the ₹2000 currency note, that is being withdrawn from circulation, will not have any
negative impact on the economy," RBI governor Das told reporters in New Delhi.
His comments come at a time when India emerged as a "bright spot" in the world economy.
The South Asian nation of 1.4 billion people was the world's fastest-growing economy in 2022-23, recording a growth rate of 7.1 percent.
According to the RBI, the projections for 2023-24 are on the same track, with India expected to achieve a GDP rate of about 7 percent.
However, the RBI boss warned that the Indian economy could face certain challenges related to climate that could derail its growth.
"There are two or three challenges. The
first is international uncertainty, the second is the El Nino forecast, and others are mainly weather-related events," he commented.
Also, Das noted that the central bank's recent measures have helped in easing inflation, which now stands at under 5 percent in more than two years.
Coming back to the INR 2000 currency notes were introduced in 2016 following Prime Minister Narendra Modi's move to demonetize INR 500 and 1000 currency notes in the country.
That's why the RBI's withdrawal of the INR 2000 note was labeled as a "mini-demonetization" by some sections of the media.
