Nirmala Sitharaman to review state of economy at FSDC meeting today; measures taken to boost growth to be assessed

This would be the second meeting of the FSDC after the Modi 2.0 government assumed office.

Press Trust of India November 07, 2019 07:37:50 IST
Nirmala Sitharaman to review state of economy at FSDC meeting today; measures taken to boost growth to be assessed
  • The meeting will take stock of various measures taken by the govt to boost the sagging growth which hit a six-year low of 5% in the first quarter of the current fiscal

  • Sectoral regulators including RBI governor, chairmen of SEBI, IRDAI, and IBBI will attend the meeting

  • According to experts, the slowdown is primarily due to moderation in demand and steps are being taken to infuse liquidity in the financial system

New Delhi: Finance Minister Nirmala Sitharaman will review the state of the economy at a meeting of the Financial Stability and Development Council (FSDC) today to be attended by sectoral regulators, including RBI governor Shaktikanta Das.

The FSDC is the apex body of sectoral regulators, headed by the finance minister.

Nirmala Sitharaman to review state of economy at FSDC meeting today measures taken to boost growth to be assessed

File image of Finance Minister Nirmala Sitharaman. PIB photo

According to sources, the meeting will take stock of various measures taken by the government to boost the sagging growth which hit a six-year low of 5 percent in the first quarter of the current fiscal.

The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and non-banking finance companies (NBFCs), sources added.

Besides RBI governor, Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi, Insurance Regulatory and Development Authority of India(IRDAI) chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and Pension Fund Regulatory and Development Authority (PFRDA) Ravi Mittal will attend the meeting.

This would be the second meeting of the FSDC after the Modi 2.0 government assumed office.

The government has announced several short and long-term measures to boost the economy in three phases between 23 August and 14 September.

Out of the total 44 measures announced, 16 have been fulfilled while the rest of the announcements are under consideration by relevant ministries.

Further, it said action on one out of three announcements made for the housing sector has been completed and the other two are being taken up.

According to experts, the slowdown is primarily due to moderation in demand and steps are being taken to infuse liquidity in the financial system to aid loan growth.

Sources said the FSDC meeting will also be attended by Minister of State for Finance Anurag Singh Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey and other top officials of the finance ministry.

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