Financial regulators recommend measures for budget 2012

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SME Times News Bureau | 20 Feb, 2012
Finance Minister Pranab Mukherjee Saturday held a meeting with the financial sector regulators and discussed their proposals that could be incorporated in the federal budget to improve the investment climate in the country.

The meeting here was attended by Reserve Bank of India (RBI) Governor D. Subbarao, Security and Exchange Board of India (SEBI) chairman U.K. Sinha, Pension Fund Regulatory and Development Authority (PFRDA) chairman Yogesh Agarwal, Insurance Regulatory and Development Authority (IRDA) chairman J. Harinarayan -- all members of the Financial Stability and Development Council (FSDC).

Secretaries in the finance ministry also attended the meeting.

The FSDC, set up in 2011, is an umbrella organisation of all financial sector regulators in the country and is headed by the finance minister. It frames policy for the financial sector and keeps an eye on the macro economic health of the country.

"Finance minister heard all the regulators. The outcome of today's meeting will be reflected in the budget. RBI has responsibility both for macro-economic management and for banking regulation," Governor Subbarao told reporters after the meeting.

The PFRDA chairman said that regulators presented their proposals for boosting economic growth and improving the image of India as an investment destination.

"The regulators suggested pro-investment, pro-growth and anti-inflationary measures for the budget," said Yogesh Agarwal.

Mukherjee will present the budget for the 2012-13 fiscal on March 16.