Finance minister Nirmala Sitharaman to review state of economy at meeting of FSDC
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Amid global and domestic challenges, Finance minister Nirmala Sitharaman may review the state of the economy at a meeting of the Financial Stability and Development Council (FSDC) on May 08, 2023. The 27th meeting of the high-level panel will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das. This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs 10,00,961 crore. The FSDC is the apex body of sectoral regulators, headed by the Union finance minister.
The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs in view of failure of Silicon Valley Bank and Signature Bank and liquidity pressure faced by Credit Suisse. The council would review the progress of measures approved earlier for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability.
The FSDC meeting will also review activities undertaken by the FSDC sub-committee chaired by the RBI governor and the action taken by members on the past decisions of FSDC. Besides RBI governor, Securities and Exchange Board of India chairperson Madhabi Puri Buch, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital and Pension Fund Regulatory and Development Authority's newly appointed chairman Deepak Mohanty will attend the meeting.
