The Financial Stability and Development Council (FSDC), chaired by Finance Minister Arun Jaitley, has observed that the macroeconomic vulnerabilities have been reduced significantly. The council comprises all financial sector regulators, RBI, SEBI, IRDA, PFRDA and FMC, besides senior Finance Ministry officials.
While taking stock of the economy, the council, which met here on Friday, observed that “macroeconomic vulnerabilities have been reduced significantly in the recent months on the back of various policy initiatives taken by the government, improvement in growth outlook, fall in inflation, recovery in the external sector and political stability.”
RBI Governor Raghuram Rajan, SEBI Chairman UK Sinha, IRDA Chairman TS Vijayan, and pension regulator PFRDA Chairman Hemant G Contractor were among those who attended the meeting.
The FSDC was also apprised of the progress made by the task force set up for creating a Resolution Corporation, Public Debt Management Agency, Financial Data Management Centre and Financial Sector Appellate Tribunal.
During the meeting, Jaitley also launched a MIS (Management Information System) portal for monitoring the progress made by regulators on the implementation of the non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC).
The meeting also discussed the progress made on the implementation of decisions taken on development of the corporate bond market and discussed the way forward for development of a vibrant, deep and liquid bond market.