FM Nirmala Sitharaman holds pre-budget meeting with finance ministers of all states

Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5. The Economic Survey for the current financial year will be tabled on July 4.

On Wednesday, the Finance Minister held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector.

The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20. It als0 took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

Nirmala Sitharaman had earlier reviewed the state of the economy and discussed various budget-related suggestions and proposals at a meeting with financial sector regulators here on Wednesday.

The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance & Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr. Krishnamurthy V. Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.