Nirmala Sitharaman, the Union Finance Minister, claimed on Saturday that cryptocurrency is 99% technology. If all governments could establish a standard operating method that is efficient while adhering to a regulatory framework, it is “under discussion with G20 nations,” she continued.
The Finance Minister remarked in a press conference after speaking to the RBI’s Central Board of Directors on Saturday during the annual post-Budget meeting, “If regulation needs to happen, a foreign country alone cannot accomplish anything. We are discussing the possibility of creating any standard operating procedure with all nations. So, will we be able to continue to be effective if everyone takes that course and we establish a regulated framework?
The Minister said, in response to a question, that the straightforward action of attempting to leave some money in the hands of the middle class leads to a lot of implication for the new income tax regime outlined in the Union Budget 2023. The minister explained, “We had earlier said we would simplify and cut income tax rates, and that’s where it is.
According to RBI Governor Shaktikanta Das, although interest rates have just entered the positive zone, persistently low rates can lead to unrest. He continued, “The annual export objective of $400 billion will be met.
The Governor stated that the draught legislation for the National Financial Information Registry (NFIR) should be ready soon in response to a question about it. Nirmala Sitharaman, the finance minister, spoke about the idea of creating a credit repository at the September meeting of the Financial Stability and Development Council.
The governor responded, “On the oil assumption, yes, we have assumed USD 95/barrel, in response to a question on crude oil. Starting in January after the war in Europe, oil prices even reached USD 120 per barrel; yet, the average price this year has been USD 93 per barrel after accounting for all circumstances.
The governor claimed that the futures markets were painting a far more favourable picture of oil prices. But we were really conservative in our estimation. With a 5.3% inflation forecast for 2023–2024, we have stated that the risks are balanced.
“As a result, if the price of oil declines dramatically, other commodity prices will benefit, which will result in lower inflation. However, if there is a need for oil as a result of countries opening up owing to stronger growth in other countries, then the price of commodities may increase, noted Shaktikanta Das.
