❓AskDuta❓ Budget 📊 2016: Q&A ⚖Advocate VV❗Monetary Policy

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D👑Queen: And monetary policy?
⚖Advocate VV: An interesting announcement was the 🔈 of a statutory basis for a Monetary Policy Framework and a Monetary Policy Committee which will require amendment of the RBI (Reserve Bank of India) Act❗ The idea is for this committee comprising of Govt and RBI officials will help fix benchmark interest rate of the central bank and set inflation targets. A Financial Data Management Centre to aggregate data and analysis in the financial sector was also mooted👏. The FM 🔈 ₹ 25,000 cr towards recapitalization of Public Sector banks. In my opinion, that amount is woefully inadequate😞 given the current state of Public Sector banks but it is a start nevertheless🙏 Also quite interesting that the General Insurance Companies owned by the Govt. are to be listed in the Stock Exchanges😲❗