Reserve Bank of India governor Y V Reddy today said the apex bank will take a view on the set of measures recommended for this year by the committee on Full Capital Account Convertibility, which include the phasing out of participatory notes (PNs), in the next couple of weeks.Speaking with the media on the sidelines of an event organised by the Institute for Development and Research in Banking Technology (IDRBT), he said the RBI needs to consider on the measures suggested to implement during the current year immediately as already entered the month of September."As of now they are just recommendations. We need to decide whether these measures can be implemented without any changes or with some modifications after taking a considered view on the issue in consultation with Government of India, " RBI governor said. Reddy expressed confidence in this year's performance of the country's economy. "We dont see any need to review the projected growth rate of 7.5%-8% in GDP for the current year as well," he replied when reporters mentioned about the possible impact of global oil prices and inflation on the growth of economy. Replying to a question on the impact of the perceived slowdown of American economy, RBI governor stated that any possible adverse effect arising out of such a slowdown would be very minimal on Indian economy."Any slow down in US economy will have an adverse impact on emerging economies. But we were thoroughly convinced that its effect on Indian economy would be very minimal," he said adding that the actual status of these external factors are still not clear.
