India continued to be the fastest growing big economy during 2018 with its GDP rising at above 7 per cent, after having slipped to 6.7 per cent in the previous financial year.
It will also send a bad signal to global markets just as Raghuram Rajan's exit did," the former Union Minister told PTI here.
The assorted technocrats, economists and bureaucrats had fundamental disagreements during a stormy meeting held 27 days ago, which stretched beyond nine hours and ended inconclusively.
Jaitley said that external factors such as policies adopted by the US, trade war and crude oil prices were impacting economies like India, despite “strong fundamentals”.
Last month, the Parliamentary Standing Committee on Finance met finance ministry officials to respond to queries on recent bank frauds and mounting NPAs.
RBI Governor Urjit Patel, most Monetary Policy members in favour of more data before changing stance
The six-member Monetary Policy Committee (MPC), headed by Patel, had left the benchmark repo rate unchanged for the third time in a row after deliberations on April 4-5.
While the central bank may have banned the system to avoid financial frauds in future, industry bodies say banning LoUs alone will not help curb malpractices.
Governor Urjit Patel defended the central bank's role in the aftermath of the PNB fraud case and launched an indirect broadside against the government.
The correction in the last few days underscores that market indices can change direction, says RBI Guv Urjit Patel
The Reserve Bank today said it will try to keep retail inflation close to 4 per cent on a durable basis which may rise in the near term due to pay commission payouts and price adjustments post GST.
Share prices of the most efficient corporations in the world are where they are because of global supply chains, Urjit Patel said.
Under governor Urjit Patel, the RBI has significantly reduced communication with markets after he took over in September.
Patel has faced some criticism from bankers for not adequately guiding the markets on the central bank's thinking.
The repo policy rate is now at its lowest since November 2010.
Regardless of the outcome, market players will closely scrutinise how the newly-formed MPC votes.