FSDC meeting: FM Sitharaman to review economic situation today

Notably, this would be the first meeting of the FSDC after the passage of ₹45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of ₹10,00,961 crore, according to a report published by PTI. 

In the meeting, FM Sitharaman will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs in view of the failure of Silicon Valley Bank and Signature Bank and liquidity pressure faced by Credit Suisse, sources said. 

Additionally, the council could also 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, PTI reported. 

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.

The sources said the FSDC meeting will also be attended by Minister of State for Finance Bhagwat Kishanrao Karad, Finance Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Vivek Joshi and other top officials of the finance ministry.

(With PTI inputs)