{"id":24308,"date":"2022-07-29T11:19:43","date_gmt":"2022-07-29T11:19:43","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24308"},"modified":"2022-07-29T11:19:43","modified_gmt":"2022-07-29T11:19:43","slug":"despite-the-ripples-caused-by-global-tightening-our-financial-systems-do-not-seem-to-be-under-any-stress-at-all-sanjeev-sanyal","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24308","title":{"rendered":"\u2018Despite the ripples caused by global tightening, our financial systems do not seem to be under any stress at all\u2019: Sanjeev Sanyal"},"content":{"rendered":"


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Mastercard Presents Times Network Living Room Conclave \u2013 India Financial Series<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Emerging from the clutches of the economic slowdown triggered by the pandemic, and despite the current global headwinds, India<\/a> remains the fastest growing large economy. The country is home to a growing banking and digital payments sector, which has of late, witnessed a growth in credit offtake. India\u2019s digital banking too has taken off in a big way. Owing to the government\u2019s push to digitisation through various measures such as Unified Payments Interface (UPI<\/a>), cashless transactions have penetrated fast in both the urban and rural areas. Digitisation has helped in terms of price discovery, discovery of credit worthiness, and of course, widening the reach.<\/div>\n
During the economic recovery, the consumer demand has in a way remained buoyant. There has been an upward movement of interest rates, which has been passed on to consumers. While going through a significant recovery, yet dealing with the inflationary pressures, the Reserve Bank of India<\/a> has been steadily tightening the monetary conditions. <\/div>\n

To discuss more on the intricacies of India\u2019s economic situation and the way ahead, Sanjeev Sanyal – Member, Prime Minister\u2019s Economic Advisory Council<\/b> engaged in a fireside chat with Mihir Bhatt<\/b> \u2013 Vice President & Executive Editor, Times Network, <\/b>in the second episode of Mastercard Presents Times Network Living Room Conclave \u2013 India Financial Series.<\/b><\/p>\n

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Sanjeev Sanyal, Member, PM\u2019s Economic Advisory Council<\/figcaption><\/div>\n<\/figure>\n<\/div>\n<\/div>\n
During the conversation, Mr. Sanyal<\/a> talked about the prevailing interest rate and demand scenario, effects of inflation targeting, the current global economic situation and the role of central bank in containing inflation. He also shed light on the way ahead for India\u2019s digital economy. <\/div>\n
Speaking on the macroeconomic indicators, <\/b>Mr. Sanyal said, \u201cAll the growth indicators are consistent. We are getting high numbers from industrial growth, the credit offtake has accelerated, there has been some decent export growth, and of course, the GST<\/a> numbers have been very strong as have been the direct tax collection figures. All these numbers are consistently suggesting that we are seeing a strong growth recovery, coming out from the COVID period.\u201d <\/div>\n

Expressing optimism about India\u2019s banking system and the financial markets<\/b>, Sanjeev Sanyal said, \u201cDespite the ripples caused by global tightening, our financial systems do not seem to be under any stress at all. The credit system is not under any stress, nor is the financial market which sometimes goes up and at other times comes down, as that is its very nature. What matters is that this happens in an orderly fashion.\u201d<\/p>\n

On being asked about the inflationary expectation management, <\/b>Mr. Sanyal opined, \u201cThere are inflationary pressures around the world, and since India is an open economy and dependent on imported commodities, particularly energy, we should consider the inflationary pressures that are being faced. Given the supply side reforms that we undertook during COVID, the domestic dynamics of inflation are not worrying. However, there are limited things that we can do about import related inflation. At the margin, we can cut taxes on fuel, and it has been done in the past. A country dependent on imported fuel will be subjected to the vagaries of international oil prices, till the time we find alternate sources of energy and move out of this issue.\u201d<\/p>\n

Sharing his views on the impact and benefits of internationalisation of the Indian rupee (INR)<\/b>, Mr. Sanyal mentioned, \u201cAllowing for international settlements using the INR is an important step in a long journey towards turning the Indian rupee to hard currency. Over time, hopefully, we will keep taking more steps. It will have limited effect in the immediate future because it requires some time for importers and exporters to consider the rupee, or other countries (with whom we have bilateral trade agreements) accepting it. So, there will be a period when the glitches of this new mechanism will get worked out. In the medium term, we will see an expansion and in the long term, we should aspire to have our currency as a hard currency, and perhaps, even be a part of the IMF\u2019s Special Drawing Rights (SDR) basket.\u201d <\/p>\n

Sanjeev Sanyal also spoke at length about the financial journey of India, and his outlook on the country\u2019s economy, which is expected to remain the fastest growing large economy this year and in the next year.<\/p>\n

Watch Mastercard Presents Times Network Living Room Conclave \u2013 India Financial Series every weekend on Times Now, Times Now World, ET NOW, ET NOW Swadesh <\/b>and Mirror Now<\/b> at the below timings.<\/p>\n

LRC India Financial Summit<\/b><\/p>\n

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(This is a partnered article)<\/i><\/b><\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mastercard Presents Times Network Living Room Conclave \u2013 India Financial Series Emerging from the clutches of the economic slowdown triggered by the pandemic, and despite the current global headwinds, India remains the fastest growing large economy. The country is home to a growing banking and digital payments sector, which has of late, witnessed a growth […]<\/p>\n","protected":false},"author":1,"featured_media":24309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[45],"tags":[4336,1053,270,57,10088,10089,6185,2500,3211],"class_list":["post-24308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-caused","tag-financial","tag-global","tag-ripples","tag-sanjeev","tag-sanyal","tag-stress","tag-systems","tag-tightening"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/93209564.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24308"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24308\/revisions"}],"predecessor-version":[{"id":24310,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/24308\/revisions\/24310"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/24309"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24308"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

\nSaturday<\/strong><\/b><\/td>\nSunday<\/strong><\/b><\/td>\n<\/tr>\n
TN<\/strong><\/b><\/td>\n5:30PM<\/td>\n4:30PM<\/td>\n<\/tr>\n
TNW<\/strong><\/b><\/td>\n5:30PM<\/td>\n4:30PM<\/td>\n<\/tr>\n
ETN<\/strong><\/b><\/td>\n8:30PM<\/td>\n8:00PM<\/td>\n<\/tr>\n
ETN Swadesh<\/strong><\/b><\/td>\n7:30PM<\/td>\n7:30PM<\/td>\n<\/tr>\n
MRN<\/strong><\/b><\/td>\n5:30PM<\/td>\n1:30PM<\/td>\n<\/tr>\n<\/tbody>\n