AMN / NEW DELHI
Economic Affairs Secretary Subhash Chandra Garg has said that the country will witness strong growth despite elevated oil prices.
Speaking to media, Mr Garg said, there have been fluctuating oil prices even in the past and there is no necessary linkage between oil prices and level of growth.
The Secretary said, rising crude oil prices to have maximum impact of 50 billion dollars on imports. He said, oil prices to push up current account gap.
Mr Garg said Government will continue to ensure that there is no adverse impact on fiscal deficit. He said outflows from equity and bond markets are not alarming.
Mr Garg said, no downward revision on GDP growth despite high yield. He said Government is expecting normal conditions to return to the bond market.
Speaking about currency availability, Mr Garg said, currency circulation situation is completely normal, all ATMs are functioning well and the situation has stabilised.
He said, demand for currency starts decreasing from mid-May and there might have been some impact of Karnataka Elections on currency demand.