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India has macro-economic stability today on the back of improvement in its macro-economic fundamentals and structural reforms with the launch of the Goods and Services Tax (GST), the Financial Stability & Development Council (FSDC) has said.
Action being taken to address the twin balance sheet (TBS) challenge, extraordinary financial market confidence reflected in bonds and especially stock valuations and long-term positive consequences of demonetisation have also bolstered the macro-economic situation, the FSDC Chaired by Finance Minister Arun Jaitley said today.
Chief Economic Adviser (CEA) Arvind Subramanian made a presentation on the state of economy.
The meeting was attended by Urjit R. Patel, Governor, RBI; Ashok Lavasa, Finance Secretary; Subhash Chandra Garg, Secretary, Department of Economic Affairs; Anjuly Chib Duggal, Secretary, Department of Financial Services; Tapan Ray, Secretary, Ministry of Corporate Affairs; Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Arvind Subramanian, Chief Economic Adviser; Ajay Tyagi, Chairman, SEBI; T S Vijayan, Chairman, IRDAI; Hemant G Contractor, Chairman, PFRDA, and other senior officers of the Government.
FSDC also discussed the issues and challenges facing the Indian economy and the members agreed on the need to keep a constant vigil and be in a state of preparedness for managing any external and internal vulnerabilities.
The council also took note of the progress of Financial Sector Assessment Program for India jointly conducted by the International Monetary Fund and the World Bank. It has directed that the assessment report should be finalised by the end of this calendar year.
FSDC took note of the developments and progress made in the setting up of Computer Emergency Response Team in the Financial Sector (CERT-Fin) and Financial Data Management Centre and discussed measures for time-bound implementation of the institution building initiative.
A brief report on the activities undertaken by the FSDC Sub-Committee Chaired by the RBI Governor was placed before FSDC. The council also undertook a comprehensive review of the action taken by members on the decisions taken in earlier meetings.
The council discussed on the Central KYC Registry (CKYCR) system, took note of the initiatives taken in this regard by the members and discussed the issues/suggestions in respect of operationalisation of CKYCR. It also deliberated on strengthening the regulation of the credit rating agencies.
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