A report by the Reserve Bank of India (RBI) highlights the state of the Indian economy with respect to its financial structure thereby indicating a need for steady progress
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The Reserve Bank of India (RBI) recently said that the ongoing crisis between Russia and Ukraine has increased the uncertainty of the financial and macroeconomic status. On global strata, the economy is still reviving and is incomplete post the pandemic and oil and gas prices remain unsettled in market conditions.
From a domestic front, the Indian economy is making steady progress. According to the central bank, India's macroeconomic fundamentals are still strong and unfolding global developments highlight downside risks in terms of spillovers.
RBI has also pointed out that business and consumer confidence is rising along with the increasing demand conditions. A sustained retrieval and an irrepressible agriculture sector in the services and industrial sector are fastening and broadening the recovery pace.
A large and rapid withdrawal of fiscal support risk forces the economy into a sharp turndown. The bulletin read about cryptocurrencies at large. Crypto has become a global product that defines characteristics outside official control and that cannot be regulated by country-specific regulators.
Cryptocurrencies have been developed to bypass the financial system and hence must be treated with caution. An alternate available option is to ban cryptocurrencies.