FM Nirmala Sitharaman chairs 23rd Meeting of the Financial Stability and Development Council

FM Nirmala Sitharaman chairs 23rd Meeting of the Financial Stability and Development Council

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the 23rd Meeting of the Financial Stability and Development Council (FSDC) through video conference in New Delhi.

The meeting attended by - 23rd Meeting of the Financial Stability and Development Council

The meeting was also virtually attended by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs; Dr Ajay Bhushan Pandey, Finance Secretary; Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Shri Debasish Panda, Secretary, Department of Financial Services; Shri Tuhin Kanta Pandey, Secretary (In charge), Ministry of Corporate Affairs; Shri Tarun Bajaj, Secretary, Department of Economic Affairs; Shri Shaktikanta Das, Governor, Reserve Bank of India; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser; Shri Ajay Tyagi, Chairperson, Securities and Exchange Board of India; Shri Subhash Chandra Khuntia, Chairperson, Insurance Regulatory and Development Authority of India; Shri Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority; Dr. M.S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India and Shri Injeti Srinivas, Chairman International Financial Services Centres Authority and other senior officers of the Government of India and Financial Sector Regulators.

Key Highlights - 23rd Meeting of the Financial Stability and Development Council

The meeting reviewed the major macroeconomic developments and Financial Stability issues (global and domestic) with special reference to vulnerability related issues and noted that the policy measures taken by the Government of India and the financial sector regulatory authorities have ensured faster economic recovery in India as reflected in the reduced contraction of GDP in Q2 of 2020-21. 

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The economy has gained momentum and the path to recovery will be faster than what was predicted earlier. The discussions were held on further measures which may be required to be taken to ensure consistent support of the financial sector for achieving faster real economic growth and achieving the overall macroeconomic targets, while continuing to maintain financial stability. The Council also discussed the budget proposals submitted by RBI and other Regulators.