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An important meeting is going to be held on Monday amid changes in the economic conditions around the world. In this meeting, the stability and challenges of the Indian economy will be reviewed. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) will also participate in this meeting.
These regulators will be involved
According to a news agency PTI, Finance Minister Nirmala Sitharaman will attend the meeting of the Financial Stability and Development Council (FSDC) on Monday. During this, she will review the state of the economy amid global and domestic challenges. Quoting sources in the report, it has been claimed that all the regulators of the financial sector including Reserve Bank of India Governor Shaktikant Das (RBI Governor Shaktikant Das) will participate in the 27th meeting of this high-level committee.
first meeting after budget
This is the first meeting of the Financial Stability and Development Council in the current financial year after the general budget presented in February. Finance Minister Nirmala Sitharaman presented a budget of Rs 45 lakh crore for the financial year 2023-24 in February this year. In this general budget, there has been a lot of emphasis on capital expenditure with an outlay of Rs 10,00,961 crore.
Finance Minister presides
FSDC is the apex body of all domestic regulators related to finance and banking sector. It is headed by the Union Finance Minister. The FSDC meets at regular intervals to review the state of the domestic economy. In this meeting, measures are taken to maintain the pace of economic growth and to overcome the challenges coming in front.
Banking crisis will be considered
According to the report, the current global and domestic economic situation as well as all issues related to financial stability will be reviewed in the latest FSDC meeting. During the meeting, the failure of Silicon Valley Bank and Signature Bank in America and the cash crunch faced by Credit Suisse, one of Europe’s largest banks, will also be discussed. In the meeting, it will be considered that in view of the global banking crisis, what kind of impact can be there on the Indian banking and NBFC sector. Sources said that FSDC will also review the measures taken earlier to achieve inclusive economic growth.
Reserve Bank has this confidence
Let us tell you that in its latest bi-monthly policy review, the Reserve Bank has increased the estimate of the economic growth rate for the current financial year from 6.4 percent to 6.5 percent. However, on the other hand, many rating agencies, including international organizations like the International Monetary Fund (IMF) and the World Bank, have lowered India’s growth forecast.
read this also: Why has the luster of gold faded in India?
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