RBI has announced several steps in the last few months including with regard to external commercial borrowings (ECBs).

The apex bank had relaxed ECB norms with fewer restrictions on end uses and allowed loans from sovereign wealth funds, pension funds and allowed loans from sovereign wealth funds, pension funds and insurers to attract more overseas fund.

He, however, admitted that international environment will have impact on India and this has been highlighted in the policy statement.

He further said RBI Governor has been proposing coordinated action with regard to currencies.

The current international economic situation is such that emerging nations cannot be ignored, he said, adding, emerging countries account for 80-85 percent of the population which has to be factored.

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