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Demonetisation:PAC to call RBI Guv in Jan to review eco impact

Press Trust of India  |  New Delhi 

Public Accounts Committee (PAC) today decided to call RBI Governor and top Ministry officials next month to review the economic situation following the of high value notes.

The decision to call RBI Governor Urjit Patel, Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das was taken unanimously by all the members of the Committee, headed by senior leader K V Thomas.

"In the PAC meeting today, we took an unanimous decision that in first or second week of January, we will call the RBI Governor, Economic Affairs Secretary and Secretary to review the economic situation after demonetisation," Thomas told PTI after the meeting.

The exact date will be decided depending on the availability of the RBI Governor, he added.

On November 8, Prime Minister Modi had announced the of old Rs 500 and Rs 1,000 notes.

According to various estimates, the growth this fiscal is expected to witness a decline due to demonetisation, but the range varies from 0.5-2 per cent.

After releasing numbers for July-September, Chief Economic Adviser Arvind Subramanian had yesterday said: "What we have for the first half are actual numbers. It shows good consistent performance. For the second half, we will have to see, there is a lot of uncertainty. We have to analyse it before we say something."

The Indian economy grew 7.3 per cent in the second quarter of 2016-17, up from 7.1 per cent in the previous three-month period, as per the government data.

Last week in the Rajya Sabha, former Prime Minister Manmohan Singh had said the step was a "monumental management failure" which would lead to 2 per cent drop in growth.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 15:02 IST