Finance Minister Sitharaman To Review State Of Economy At FSDC Meeting Today

Finance minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC) today.

According to a PTI report, the 27th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said.

This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs 10,00,961 crore, added the PTI report.

The FSDC meeting will also review activities undertaken by the FSDC sub-committee chaired by the RBI governor and the action taken by members on the past decisions of FSDC, stated the PTI report.

The council would review the progress of measures approved earlier for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability, they said.

RBI in its latest bi-monthly policy marginally revised upward the economic growth projection for the current fiscal to 6.5%, from its earlier estimate of 6.4%.

Unveiling the first bi-monthly monetary policy of 2023-24 fiscal in April, RBI Governor had said the GDP growth in the first quarter of 2023-24 is expected at 7.8%.

The growth for second, third and fourth quarter of the current fiscal has been projected at 6.2 per cent, 6.1% and 5.9%, respectively.

The last meeting of the high level panel had taken place in Septmber, 2022.

Besides RBI governor, Securities and Exchange Board of India chairperson Madhabi Puri Buch, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital and Pension Fund Regulatory and Development Authority's newly appointed chairman Deepak Mohanty will attend the meeting, stated the PTI report.

The sources said the FSDC meeting will also be attended by Minister of State for Finance Bhagwat Kishanrao Karad, Finance Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Vivek Joshi and other top officials of the finance ministry.