Crypto assets are highly risky and speculative asset classes and with risk assets there must be regulations, Deputy Director of Implementing and Director of International Monetary Fund Gita Gopinath told India Today TV in Davos, added, “I really stay away from it. But that’s only me and the level of reluctance of my risk. “
“Starting from the market of around $ 3 trillion to the $ 1.5 trillion market in about six months – a very fast step. This is not a very easy investment to be returned. So this is a very large risk that you take, “he said, showing the risks involved with digital currencies.
Minister of Finance Nirmala Sitharaman at the Spring IMF meeting called for Cryptocurrency, saying that innovation was annoying. He also stressed the risks caused by cryptocurrency and wallets that were not posted in allowing money laundering and terror financing. Global growth was reduced in April from 4.4% to 3.6% completely due to the Russian invasion of Ukraine, Gopinath told India Today TV, added that war reduced growth for more than 80% of the world and increased inflation for almost all countries as well as .
“The cost of living rises. China slows down due to locking. The realty sector also slows down, “he said.China’s growth was also lowered in April to 4.4%, said the economist. “If China is slowing down, Asia and East Asia will feel a pinch. Even the European Union will feel the impact of abundance from China, “he warned.
“Zero-Covid China’s strategy is very well served in 2020 and 2021. Even now, this is a variant that is all new. The strategy is to increase vaccination, “he said.”The slow global economy has consequences for India. The reversal of the portfolio flow to India is visible and the external environment does not really support growth. “
“Lack of coal is the main concern for the Indian economy,” said Deputy Director of the Global Monetary Agency. India Baru -Newly witnessed the lack of acute coal throughout the country with several power plants that reported the paralysis of stock.”With some manufacturing moves from China, this moment must be confiscated by other countries,” suggested Gopinath.
“In the global supply chain, it is important to be produced on a very large scale. It has always been a challenge for India. Most Indian companies are small and have no scale. So, land and labor reforms are needed to form new policies to do this. “Speaking of Reserve Bank of India increases the level of repo with base XX points, Gopinath said that RBI is true to “move from the cycle to raise tariffs due to inflation”.
“We must be flexible and move on a scale according to incoming data. India must remember the fiscal deficit while providing subsidies and reducing taxes. The best way to do this is to provide direct subsidies, “he added.India needs agricultural reform and political support for them. Schools and education are other fields of focus