Finance Minister to review economy at FSDC meeting on February 21

Finance Minister Nirmala Sitharaman is scheduled to review the state of the economy amid global challenges at a meeting of the Financial Stability and Development Council (FSDC) on February 21.

The 28th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said.

This would be the first meeting of the FSDC after the passage of the Rs 47.6 lakh crore Budget for 2024-25, focussing on capital expenditure with an outlay of Rs 11.11 lakh crore. In the meeting, the Finance Minister will review the current global and domestic economic situation and financial stability issues.

Sitharaman is likely to stress key priorities highlighted in the interim Budget, the way forward for various future policies and measures that the government has proposed to take in many sectors, sources said.

Besides, the council may 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.

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.

According to sources, 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.