Ahead of the Budget, the High-level Co-ordination Committee (HLCC) on financial markets met under the Chairmanship of Reserve Bank Governor D Subbarao to finalise its recommendations.
The meeting reviewed the developments in financial markets, developments in corporate bond market, regulatory issues relating to ULIPs and MFs and investment in security receipts issued by asset reconstruction companies. There has been crying need for developing the corporate bond market to meet the funding requirements of India Inc and expectations are the Budget may look into measures to hasten the process.
Prior to this meeting, Subbarao had a meeting with Finance Secretary Ashok Chawla to discuss cash management in which the government’s borrowing programme for this fiscal figured prominently.
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