India suffering from low labor participation rate, rupee depreciating in the world, says RBI Deputy Governor Michael Patra

RBI Deputy Governor Michael Patra on Friday said that India is suffering from a low labor participation rate. He said that the depreciation of rupees is the lowest in the world. RBI stands for the stability of the rupee and is defending the rupee against volatility. Zee Business Tarun Sharma's report.

The Deputy Governor said that Rupee-Rouble billing will be decided by the government and not by the RBI. Pic: Reuters

Reserve Bank of India (RBI) Deputy Governor Michael Patra on Friday said that India is suffering from a low labor participation rate. He said that the depreciation of rupees is the lowest in the world. RBI stands for the stability of the rupee and is defending the rupee against volatility. The yield is uncomfortably high. Zee Business Tarun Sharma's report.

The Deputy Governor said that Rupee-Rouble billing will be decided by the government and not by the RBI. And the government is negotiating for the Rupee-Rouble bill.

Addressing an interactive session on 'Geo-Political Spillovers and Indian Economy', he attributed the lesser depreciation of Rupee to high foreign exchange reserves of around USD 600 billion, a PTI report said.

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Patra said, "We don’t allow high volatility and jerky movement in currency and RBI in the market." He added, this year is for MSME or SME. The Deputy Governor said that he has already started discussions with the bank for more easy and attractive loans. RBI will launch a portal for MSMEs.

RBI is trying to improve the payment environment for MSMEs so that there is no delay in delayed payment situations, he added.

RBI will efficiently manage government borrowing programs this year also, Patra said.

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