You are here: Home » Current Affairs » News » National
Business Standard

FM Sitharaman to review state of economy at FSDC meeting on Nov 7

The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, sources added.

Nirmala Sitharaman | FSDC panel | Shaktikanta Das

Press Trust of India  |  New Delhi 

Nirmala Sitharaman
Nirmala Sitharaman | Photo: PTI

will review the state of economy at a meeting of the Financial Stability and Development Council (FSDC) on Thursday to be attended by sectoral regulators, including

The FSDC is the apex body of sectoral regulators, headed by the

According to sources, the meeting will take stock of various measures taken by the government to boost the sagging growth which hit a six-year low of 5 per cent in the first quarter of the current fiscal.

The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, sources added.

Besides RBI Governor, Securities and Exchange Board of India chairman Ajay Tyagi, Insurance Regulatory and Development Authority of India(IRDAI) chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and Pension Fund Regulatory and Development Authority Ravi Mittal will attend the meeting.

This would be the second meeting of the FSDC after the Modi 2.0 government assumed office.

The government has announced several short and long-term measures to boost the economy in three phases between August 23 and September 14.

Out of the total 44 measures announced, 16 have been fulfilled while the rest of the announcements are under consideration by relevant ministries.

Further, it said action on one out of three announcements made for the housing sector has been completed and the other two are being taken up.

According to experts the slowdown is primarily due to moderation in demand and steps are being taken to infuse liquidity in the financial system to aid loan growth.

Sources said the FSDC meeting will also be attended by Minister of State for Finance Anurag Singh Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey and other top officials of the finance ministry.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 06 2019. 20:25 IST