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India better placed amidst fragile world economy: FSDC in its 16th meeting

Council reviews major issues and challenges facing the economy

Arun Jaitley, fsdc, Jaitley, economy, jaitley FSDC, Indian economy, Urjit Patel, RBI, RBI governor Urjit Patel, India macro-economic fundamentals, cyber security, Chief Economic Adviser Arvind Subramanian , FSDC council, indian express news Finance Minister Arun Jaitley, RBI Governor Urjit Patel and Sebi chairman U K Sinha at the Financial Stability and Development Council meeting at North Block in New Delhi on Thursday. (Source: PTI photo)

The government expects its measures on elimination of the shadow economy and tax evasion to have a positive impact on GDP and fiscal consolidation in the long run, finance minister Arun Jaitley said while chairing the Sixteenth Meeting of the Financial Stability and Development Council (FSDC).  The Council, which has heads of all financial sector regulators as its members, reviewed the major issues and challenges facing the economy in its 16th meeting held on Thursday.

“The world economy is quite fragile yet India appears to be much better placed today on the back of improvement in its macroeconomic fundamentals,” Jaitley was quoted as saying in a finance ministry statement.

The Council also reviewed the status of NPAs of public sector banks and the measures taken by the government and the RBI for tackling the stressed assets and discussed about further action to be taken in this regard, the statement said.

In the meeting, Chief Economic Advisor Arvind Subramanian made a presentation on the state of the economy.

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“The Council reviewed the major issues and challenges facing the economy and noted that India appears to be much better placed today on the back of improvement in its macroeconomic fundamentals,” it said.

Also, the regulators offered their suggestions for the upcoming Budget for 2017-18, which were discussed by the Council.

The meeting was attended by RBI Governor Urjit Patel along with Finance Secretary Ashok Lavasa, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal, Revenue Secretary Hasmukh Adhia, Disinvestment Secretary Neeraj Kumar Gupta, SEBI Chairman U K Sinha, IRDAI Chairman T S Vijayan and PFRDA Chairman Hemant G Contractor.

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“FSDC discussed about the various initiatives taken by the government and regulators for promoting financial inclusion/ financial literacy efforts and discussed further measures for promoting the same,” the statement said.
A brief report on the activities undertaken by the FSDC sub-committee, chaired by RBI Governor Urjit Patel, was placed before the FSDC. The Council also undertook a comprehensive review of the action taken by members on the decisions taken in earlier meetings of the Council.

“The Council also discussed issues pertaining to Fintech, digital innovations and cyber security. The Council took note of the initiatives taken in this regard by the government and the regulators and discussed on further steps to be taken,” it added.

First published on: 06-01-2017 at 01:47:38 am
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