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Union Finance Minister Nirmala Sitharaman on Monday said that the government is closely monitoring gold prices, noting that the yellow metal traditionally sees seasonal spikes during festival periods but has not crossed "certain limits."
Addressing a press conference, post its customary post-Budget meeting with Central Board of Directors of the RBI, the Finance Minister said, "Gold is always an investment for households, seen seasonal spikes during festival season. We are watching it, but not seeing that prices are gone beyond certain limit." On IDBI Bank, Sitharaman stated that there is "no systemic kind of issue," adding that as a matter of policy, the government does not comment on individual companies. She further said that the Reserve Bank of India (RBI) has adequate liquidity. "The Reserve Bank of India has sufficient liquidity. We have credit availability for up to five years. We will fulfil whatever the country needs," she added. Commenting on the US tariff issue, Sitharaman said that the Ministry of Commerce and Industry is reviewing the situation. "It is early to comment," she added. Further addressing the media, Reserve Bank of India (RBI) Governor Sanjay Malhotra said the order value of the gold import didn't increase in the recent times despite increase in prices. Echoing with the Finance Minister, the RBI Governor on liquidity said, "we stand committed to providing liquidity for the productive needs of our economy." On the gross Foreign Direct Investment (FDI), he said the FDI has been very robust. "Even this year, good growth rate last year, also this year, also, we have sufficient reserves." Union Finance Minister held the customary post-Budget meeting with the Central Board of Directors of the RBI along with the Union Minister of State for Finance Pankaj Chaudhary and Sanjay Malhotra, Governor of RBI. (ANI)
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