FM takes stock of economic situation at FSDC meet

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SME Times News Bureau | 07 Nov, 2019
Finance Minister Nirmala Sitharaman on Thursday reviewed the current state of the economy at the meeting of the Financial Stability and Development Council (FSDC).

FSDC is a body of financial regulators.

There was no statement from the government on what was discussed precisely, however, Finance secretary Rajeev Kumar said the entire financial system and other issues came up during the meeting. He did not specify the details but said the RBI along with other regulators are holistically looking at the financial sector issues.

The Q2 GDP growth is expected in November end and it will be decider to see what further directions and policy measures are needed. The government has announced several short and long-term measures to boost the economy in three phases between August 23 and September 14.

The Q1 GDP growth fell to 6-year low in the current fiscal at 5 per cent led by a slowdown in the manufacturing sector.