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Economic Affairs Secretary Ajay Seth has said that the government will soon finalize a consultation paper on crypto currencies with inputs from various stakeholders and institutions, including the World Bank and the IMF. He also underlined the need for a global response to deal with issues concerning crypto currencies as these operate in the virtual world. Seth said ‘Countries which have prohibited, they can't success unless there is a global consensus around that. There has to be a broad framework of participation. Digital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together. No country can choose to either of the position. We need a global consensus on crypto regulation.’

Expressing hope, Economic Affairs Secretary said, India is poised to become the fastest growing among large economies in the world despite global challenges. He said ‘we can overcome the current challenges as well as the challenges that will come to us in the coming years in the Amrit Kal. There are strong global headwinds which have impacted the global economy, ... Even despite all those, India is poised to grow the fastest among all large countries in the world. That was the position six months back and that will be our assessment even today.’

Seth also assured that inflation should be moderating with the help of both and fiscal and monetary measures. When asked what more measures are being envisaged to cool down prices, he said, it is evolving situation and difficult to say what future steps are likely. He added that whatever the current challenges are they are being responded to in a timely manner.