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Deepen the corporate bond market, Arun Jaitley tells Sebi
11 February 2018, 01:24 | Austin Hogan
Finance Minister Arun Jaitley PTI file
In the wake of concerns raised in some quarters about the re-introduction of long-term capital gains tax (LTCG), as proposed in the Budget, Tyagi said Sebi has not received any representation from investors so far against this.
Finance ministerArun Jaitley exuded confidence on Saturday that there will be no more fiscal slippages as the financial position is likely to be comfortable from the next fiscal.
Addressing a press conference after meeting RBI's board in a customary post-Budget exercise, Jaitley also said the last decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel, to keep interest rates unchanged was a "balanced decision".
"There has already been a correction, not only globally but in India, and, therefore, in a way it underscores how capital markets can change direction", RBI governor Urjit Patel said on Saturday, adding that the stock market bubble highlighted in the economic survey should not "lead to a very major problem".
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On the question if rising oil prices will have an impact, he said that not too much should be looked into hypothetical factors such as a possible rise in oil prices as no one expected whatever happened over the last three days.
Patel said the monetary policy committee (MPC), which chose to keep the key rates unchanged earlier this week, has explained its reasons for the decisions it takes and the inflation targeting system that has been followed on account of legislative change. Few months ago, around June, people were talking of oil prices not going above $40-45 per barrel and some of the advice that came to the MPC and RBI was based on that. While the finance minister had in his Budget speech announced to increase the minimum support price by 1.5 times of the production cost, he said that the issue of MSP came up in the meeting with RBIs Central Board of Directors. "However, as financial market regulators, both RBI and Sebi need to be cognizant of the risk going forward", Patel said. On credit growth, Patel said that it was now at 11 per cent and that there are indications of the pick-up in the credit growth in future. While suggesting rate cut transmission by banks has been healthy, particularly post demonetisation, Patel also pointed out credit growth is now at almost 11 percent.
RBI Governor Urjit Patel on saturday said the monetary policy decisions need to be "forward- looking" and can not be taken on the basis of day-to-day inflation rates.
The board also discussed the implementation of the Budget announcements related to Sebi.
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