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Financial Stability and Development Council takes stock of economy, financial sector

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The Financial Stability and Development Council (FSDC) took stock of macroeconomic developments and financial stability issues, both global and domestic, in its 23rd meeting chaired by finance minister Nirmala Sitharaman through video conference, on Tuesday, a finance ministry statement said.

The meeting, attended by Anurag Thakur, minister of state for finance, Shaktikanta Das, Reserve Bank of India governor and KV Subramanian, chief economic adviser of India, was the second such event since the pandemic struck the country.

The meeting was called to discuss the state of the financial sector and a revival strategy for the economy that has been hit hard by the coronavirus pandemic.

The previous FSDC meeting was held in May, soon after the government had announced the first tranche of the Atmanirbhar Bharat package.

The latest council meeting was attended by top finance ministry officials including Tarun Bajaj, economic affairs secretary, TV Somanathan, expenditure secretary, Ajay Bhushan Pandey, finance secretary, Debasish Panda, financial services secretary and Tuhin Kanta Pandey, secretary of the department of investment and public asset management.

The meeting also comes during the ongoing pre-budget stakeholder consultations being held by the minister ahead of the Union Budget for the upcoming financial year.

Earlier in the day, Sitharaman held such consultations with industry leaders from the financial and capital market, according to a Twitter update from the finance ministry.

The FSDC meeting also saw in attendance financial sector regulators like Ajay Tyagi, chairperson, Securities and Exchange Board of India, Supratim Bandyopadhyay, chairperson, Pension Fund Regulatory and Development Authority, Injeti Srinivas, chairman, International Financial Services Centres Authority and Chandra Khuntia, chairperson, Insurance Regulatory and Development Authority of India.

After the December meeting of the RBI’s monetary policy committee, Das had said the economy was recuperating faster than anticipated and growth rate was likely to turn positive in the second half of the current financial year.



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