RBI governor Urjit Patel on Tuesday steered clear of questions on whether the Narendra Modi government invoked special powers under the never-used Section 7 of the RBI Act when he appeared in front of a parliamentary committee. He, however, committed to giving in writing his views on controversial issues such as demonetisation, which may also include Section 7.
Patel appeared before the 31-member Parliamentary Standing Committee on Finance, of which former Prime Minister Manmohan Singh is also a member. News agency PTI reported that the central bank governor stayed clear of controversial questions. “He stayed clear of controversial questions like government invoking special powers; instead, he gave intelligent replies without saying anything,” the news agency reported quoting sources.
Patel shared an optimistic outlook for the Indian economy, saying that if oil prices cool off, it would be beneficial as the fundamentals of the country were “robust”. He admitted that demonetisation had a “transient impact” on the economy.
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