Fin Min to review state of economy on June 10
New Delhi: Finance Minister Nirmala Sitharaman is set to review the state of the economy amid global uncertainties at a meeting of the Financial Stability and Development Council (FSDC) on June 10.
The 29th meeting of the high-level panel, to be held at Mumbai, will be attended by all financial sector regulators, including RBI Governor Sanjay Malhotra, sources said.This would be the first meeting after India recorded a growth of 6.5 per cent in FY25, the slowest in the last four years.
The meeting, chaired by the Finance Minister, comes after the Reserve Bank announced a record dividend of Rs 2.7 lakh crore for FY25 last month. The dividend for FY25 was 27.4 per cent more than the payout in 2023-24 of Rs 2.1 lakh crore.
Indian economy expanded at a faster pace than expected in the last quarter of the 2024-25 fiscal, helping clock a 6.5 per cent growth rate in the year that elevated its size to $3.9 trillion and held promise of crossing the world's fourth-largest economy, Japan, in FY26.
The Indian economy grew at 7.4 per cent in January-March - the fourth and final quarter of FY25, reflecting a strong cyclical rebound that was helped by a rise in private consumption and robust growth in construction and manufacturing, according to the data released by the National Statistics Office (NSO) last week.
In the meeting, the finance minister will review the current global and domestic economic situation and financial stability issues.Sitharaman is likely to discuss ways to curb digital fraud as it poses a challenge to the financial system and various financial regulators are grappling with the issue of this menace, 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 the RBI governor, Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey, Insolvency and Bankruptcy Board of India (IBBI) Chairman Ravi Mital and International Financial Services Centres Authority Chairperson K Rajaraman will attend the meeting.
According to sources, the FSDC meeting will also be attended by Minister of State for Finance Pankaj Chaudhary, Finance Secretary Ajay Seth, Expenditure Secretary VumlunmangVualnam, Revenue Secretary Arvind Shrivastava, Financial Services Secretary M Nagaraju and other top officials of the finance ministry.
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