FM to review state of economy today along with RBI Guv

After announcing a host of measures since August to lift the sagging economy, Finance Minister Nirmala Sitharaman will review the state of economy today along with Reserve Bank of India Governor Shaktikanta Das and other sectoral regulators.

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

Sitharaman and other sectoral regulators will take stock of various measures taken by the government in the past three months at a meeting of the Financial Stability and Development Council (FSDC).

The government has taken several measures to boost the economy, which hit a six-year low of 5% in the April-June quarter of the current fiscal. The finance minister has announced at least 45 new measures in several steps since August 23 after she presented the Union Budget for 2019-20 on July 5.

The latest one, a Rs 25,000 crore fund, was announced on Wednesday night to ameliorate the housing sector from a prolonged slowdown.

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 in May this year.

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.