Declining crude prices, spread of monsoon good signs for easing of inflation: CII President Sanjiv Bajaj

New Delhi [India], July 19 (ANI): The latest decline in global crude oil prices and a firm spread of monsoon in the country are good signs for easing of inflation and may help in cooling domestic food prices, said the president of the Confederation of Indian Industry Sanjiv Bajaj.
“If monsoon in India remains good, it should help in reducing food prices, which will provide a lot of relief to the common man,” Bajaj told ANI on the sidelines of the CII-EXIM Bank Conclave on India-Africa Growth Partnership here on Tuesday.
However, uncertainties emanating from conflict in Ukraine as well as pandemic are key monitorables going ahead, Bajaj added.
On cryptocurrency, he said it is good to have open discussions and divergent views between the Reserve Bank of India and the government.
“I am happy to see such open discussions and two different points of views. That is always important to lead to a better outcome,” he said.
On Monday, Union Finance Minister Nirmala Sitharaman said any legislation for regulation or for banning cryptocurrencies can be effective only after significant international collaboration on evaluation of the risks and benefits.
“Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage,” Sitharaman informed Parliament.
On the contrary, the central bank RBI had recommended framing legislation and is of the view that cryptocurrencies should be prohibited.
The Indian central bank RBI Governor Shaktikanta Das recently said that cryptocurrencies are a clear danger and anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. (ANI)