Economy showing signs of maturity: FM

Addressing the Second International Finance Conference here, he conceded that India’s growth momentum, to some extent, has been affected by developments in the western world.

Referring to Financial Stability and Development Council (FSDC), set up by the Government to strengthen and institutionalise the mechanism for maintaining financial stability, Mukherjee said the government will also set up a Financial Sector Legislative Reforms Commission (FSLRC) to rewrite and clean up the financial sector laws and bring them in line with the requirements of the sector.

According to him, the government has accorded high priority to financial inclusion as it is a key determinant of sustainable and inclusive growth.

“The government is committed to provide access to affordable financial services, especially credit and insurance to empower the poor and to enable the unbanked to become vibrant and productive participants in the process of economic growth,” he added.

Highlighting India’s compliance with most of the internationally accepted standards in banking, securities markets and insurance sector, Mukherjee said that the government has sought a full-fledged financial sector assessment programme (FSAP), an international evaluation exercise conducted by the IMF and World Bank.