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Govt should use funds from RBI to stimulate economy, says ADB chief

The visiting ADB president supported the RBI's approval to the fund transfer and said the country should come up with more such ideas to support growth

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Takehiko Nakao, president of ADB, announced $500 million towards the Jal Jeevan Mission

2 min read Last Updated : Aug 29 2019 | 10:10 PM IST

Takehiko Nakao, president of Asian Development Bank (ADB), on Thursday said the government should use the Rs 1.76-trillion payout from the Reserve Bank of India (RBI) for stimulating the economy, but without compromising on the fiscal deficit target of 3.3 per cent of gross domestic product.

The visiting ADB president supported the RBI’s approval to the fund transfer and said the country should come up with more such ideas to support growth.

“Ideas like transferring of the RBI's surplus capital to India (the government) would help (the growth process),” he said at a press conference. Nakao met Finance Minister Nirmala Sitharaman and

Topics : Piyush Goyal Nirmala Sitharaman Nitin Gadkari Reserve Bank of India ADB US-China trade war currency exchange Gross domestic product RBI surplus transfer economic capital framework

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