Finance ministry secretaries take stock of economic state of affairs

New Delhi: The finance ministry today reviewed the prevailing economic and fiscal situation and pending policy issues against the backdrop of the ongoing global financial woes. This was the first meeting of secretaries in the ministry after Ratan P Watal took over as the finance secretary last week.[caption id=“attachment_2424590” align=“alignleft” width=“380”]  Finance secretary Ratan P Watal. Image courtesy PIB[/caption] Chief Economic Advisor Arvind Subramanian also attended the meet. The top officials also discussed issues relating to better coordination among all the Departments of the ministry, especially in view of the Budgetary exercise that has already started. “The finance secretary took stock of the work in progress and discussed pending policy issues in different departments of the ministry. He called for expeditious action in such matters,” the ministry said in a statement. Watal also reviewed action taken on various issues related to the Budgetary process. The statement further said such coordination cum review meetings will be now held on a regular basis and to begin with, on weekly basis. Economic affairs secretary Shaktikanta Das, revenue secretary Hasmukh Adhia, financial services secretary Anjuly Chib Duggal and disinvestment secretary Aradhana Johri were present. Das tweeted: “Had meeting of all Secretaries in Finance Ministry. Took stock of economic and fiscal situation, policy issues, budget preparation, etc.” The interaction came ahead of Tuesday’s meeting of the Prime Minister Narendra Modi with top business leaders, including Reliance Industries head Mukesh Ambani, Tata Group chairman Cyrus Mistry as well as bankers and economists to discuss the global economic scenario. Watal, commerce secretary Rita Teaotia, Das and Subramanian will also be in attendance. The meeting took place even as China growth slowdown and lingering worries over monsoon tormented markets today when the benchmark BSE Sensex closed below the 25,000-mark for the first time in 15 months, losing 308 points in a day. The rupee plunged 36 paise to close at a 2-year low of 66.82 against the American currency on persistent dollar demand from banks and importers due to sustained foreign capital outflows amid a sharp fall in equity markets. PTI