32.1 C
Delhi
Sunday, September 26, 2021

Arun Jaitley says economy progresses needs dynamic regulations

Must read

Parkinson’s disease is a disease in which nerves are affected!

Parkinson's disease is a disease in which nerves are affected and is a movement disorder. The disease symptoms are less in the beginning and...

Floods and climate change go hand in hand!

The earth's lower atmosphere is becoming warmer and moister as a result of greenhouse gas emissions. This gives more energy to storms and causes...

Creatures on Earth that have a long life span!

Human life can be considered as short on Earth if we compare it with some animals. According to WHO, humans have an average life...

Scientists suggest Earth magnetic field is flipping!

The magnetosphere is the immense magnetic field that surrounds the Earth. It is generated by powerful dynamic forces at the center of Earth; it...
- Advertisement -

On Saturday, the Finance Minister Arun Jaitley said that as the economy progresses, we have to alter and relax the guidelines keeping in mind the ground reality and current scenario. Addressing the meet organized by the IDFC here, he said the center is continuously getting several chances to interact with various stakeholders.

Jaitley asserted that for any regulatory system, the discussion with the stakeholder has to be of very high quality which will perhaps lead to a revisiting of the traditional thoughts and outlook. He further added that as you have seen, that there are many supervisors those who now circulate their approach papers, tentative drafts, they organize interaction meetings, keep interacting on an individual basis, meet groups of stakeholders together and also improve upon what is being said.

- Advertisement -

He stated that “now the economy of the country is progressing, all the rules and policies need to be altered and relaxed keeping in mind the current ground conditions, where all regulation needs to be relaxed or needs to be altered depending on the ground situation, I think this would be quite useful in the whole process,” he said.

RBI Deputy Governor Viral Acharya’s comments Friday asserting for “effective independence” of the central bank. Giving the example of the economic instability in Argentina and turkey he said that those governments who do not give importance to the central bank’s freedom would always have to go through the rage of financial markets.

In the earlier months, it seems that the Reserve Bank of India has been differing on certain matters, such as those pertaining to payment systems regulator and Prompt Corrective Action (PCA) norms for banks. Arun Jaitley further stated that IBC code is very helpful for the banking sector in cleaning up bad loans. Also, defaulters are scared of IBC and coming forward in clearing their dues from the banks.

Finance Minister said that the involuntary significances of IBC were that potential defaulters are aware that if they will go beyond the limits and cross the red line, they will be thrown out and there is no chance to get back.

- Advertisement -
- Advertisement -

More articles

- Advertisement -

Latest article

Parkinson’s disease is a disease in which nerves are affected!

Parkinson's disease is a disease in which nerves are affected and is a movement disorder. The disease symptoms are less in the beginning and...

Floods and climate change go hand in hand!

The earth's lower atmosphere is becoming warmer and moister as a result of greenhouse gas emissions. This gives more energy to storms and causes...

Creatures on Earth that have a long life span!

Human life can be considered as short on Earth if we compare it with some animals. According to WHO, humans have an average life...

Scientists suggest Earth magnetic field is flipping!

The magnetosphere is the immense magnetic field that surrounds the Earth. It is generated by powerful dynamic forces at the center of Earth; it...

Both environmental and genetic factors cause cancer!

Cancer is a deadly disease which occurs when cellular changes cause cells uncontrolled division and growth. Rapid cell growth is driven by cancer, while...