New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday (December 15) reviewed the main macroeconomic developments and Financial Stability points (international and home) with particular reference to vulnerability associated points, chairing the twenty third Meeting of the Financial Stability and Development Council (FSDC) by way of video convention, mentioned an official assertion.
The assembly reviewed the main macroeconomic developments and Financial Stability points (international and home) with particular reference to vulnerability associated points and famous that the policy measures taken by the government and the monetary sector regulatory authorities have ensured quicker financial restoration in India as mirrored within the lowered contraction of GDP in Q2 of 2020-21.
“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,” mentioned the assertion.
The Council additionally mentioned the price range proposals submitted by RBI and other Regulators. It additionally famous that there’s a have to preserve a steady vigil by the government and all regulators on the monetary circumstances that may expose monetary vulnerabilities within the medium and long-term.
It additionally mentioned the challenges concerned within the easy transition of London Interbank Offer Rate (LIBOR) primarily based contracts and famous that a multipronged technique involving related stakeholder establishments and departments is required on this regard.
The council additionally took observe of the actions undertaken by the FSDC Sub-Committee chaired by the Governor of RBI and the motion taken by members on FSDC selections earlier.
Notably, the Finance Minister Nirmala Sitharaman on Monday held pre-Budget consultations with top industrialists within the nationwide capital forward of the forthcoming Union Budget 2021-22.
Sitharaman has concluded a complete review of the Aatma Nirbhar Bharat Package (ANBP) with the Secretaries of varied Ministries/Departments, the Ministry of Finance mentioned on Sunday.
According to the Finance Ministry, the ministries and departments involved have began implementing the bulletins beneath the three Aatma Nirbhar Bharat Packages. The progress of implementation is being reviewed and monitored commonly.