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New Delhi : Union Finance Minister Shri Arun Jaitley on January 5 said though the world economy is quite fragile yet India appears to be much better placed today on the back of improvement in its macro-economic fundamentals. The Finance Minister said that the Government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on GDP and on fiscal consolidation in the long run.
Jaitley was making his Opening Remarks while chairing the sixteenth meeting of the Financial Stability and Development Council (FSDC) in New Delhi. The FSDC meeting was attended by all the Financial Regulators and senior officers of the Ministry of Finance and financial sector regulators. Those who attended meeting include Urjit R. Patel, Governor, RBI, Ashok Lavasa, Finance Secretary, Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), Hasmukh Adhia, Secretary, Department of Revenue, Anjuly Chib Duggal, Secretary, Department of Financial Services (DFS), Neeraj Kumar Gupta, Department of Investment and Public Asset Management(DIPAM), Dr. Arvind Subramanian, Chief Economic Adviser (CEA), U K Sinha, Chairman, SEBI, T S Vijayan, Chairman, IRDAI, and Hemant G Contractor, Chairman, PFRDA.
On this occasion, the Chief Economic Adviser (CEA) made a presentation on the state of economy. The Council reviewed the major issues and challenges facing the economy and noted that India appears to be much better placed today on the back of improvement in its macro-economic fundamentals. The Council also noted that the government’s measures to eliminate the parallel economy and black money are expected to have a positive impact both on GDP and on fiscal consolidation in the long run. The Regulators offered their suggestions proposals for the upcoming budget 2017-18, which were deliberated on by the Council. FSDC discussed the various initiatives taken by the Government and Regulators for promoting financial inclusion/financial literacy efforts and discussed further measures for promoting the same, according to a PIB release.