Financial panel debates roadmap to spur growth

It also cautioned that India needs to rein in fiscal as well as current account deficits, and clear infrastructure bottlenecks to sustain high growth.

The Financial Stability & Development Council (FSDC) met here under the chairmanship of Finance Minister Pranab Mukherjee and was attended by four financial sector regulators including RBI, Sebi and Irda and Finance Secretary Ashok Chawla, among others. The Council expressed the concern that although advanced nations like the US are on the recovery path — which augurs well for Indian exports — move by some countries to keep their currencies artificially low and taking protectionist steps may hit the country’s outbound shipments.

“The general consensus was that the nation would be able to sustain its present level of growth and prospects are bright for attaining double digit figures,” a Finance Ministry statement said here.