Facing questions on whether or not the continuing Adani Group challenge may snowball into a serious monetary disaster and what steps the federal government was taking up this entrance, Finance Minister Nirmala Sitharaman on Saturday stated that regulators would do their job.
“You had the Reserve Bank commenting on this on Friday. Though not regulators, the banks and LIC themselves had come out to say what their level of exposure is [to the Adani Group],” she stated.
“So the regulators will do their job,” she stated, responding to a query on the beleaguered group. “And the regulators are independent of the government. They are left to do what is appropriate. To keep the regulated market in prime condition, the SEBI is the authority, and it has the wherewithal to keep the markets’ prime condition intact,” she added.
‘FPOs come and go’
Answering one other query on whether or not the withdrawal of the Follow on Public Offer (FPO) by Adani Enterprises would have any influence on the economic system or dent India’s picture, the FM pointed to the truth that $8 billion had come into India during the last two days and stated that proved the inherent power of the economic system was intact.
“The macroeconomic fundamentals of our economy and image, none of it is affected. FPOs come in and FPOs get out,” she added.
The FM was in Mumbai to work together with members of the trade and tax consultants on the varied elements of the Union Budget and to hunt suggestions.