Finance Minister Pranab holds pre-budget discussions with regulators

Feb 18, 2012 |

New Delhi

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Ahead of the budget, Finance Minister Pranab Mukherjee on Saturday met financial sector regulators including RBI Governor D. Subbarao and Sebi chairman U.K. Sinha, to seek their inputs for formulating proposals to boost economy and improve investment climate.

"This is a pre-budget FSDC meeting. Finance Minister heard all the regulators. Of course the RBI has responsibility both for macro-economic management and for banking regulation. The outcome of today's meeting will be reflected in the Budget," Subbarao told reporters here.

Mukherjee will present the Budget proposals for 2012-13 in the Lok Sabha on March 16.

The meeting of Financial Stability and Development Council (FSDC) was also attended by PFRDA Chairman Yogesh Agarwal and secretaries in the finance ministry.

"In the meeting the regulators suggested pro-investment, pro-growth and anti-inflationary measures for the Budget," Agarwal said.

Sources said the meeting discussed the state of Indian economy and Mukherjee heard suggestions of the regulators to boost economy and improve India as an investment destination.

FSDC, headed by Mukherjee, coordinates among regulators and looks at financial sector development, financial literacy, financial inclusion and macro-prudential supervision of the economy, including the functioning of large financial conglomerates.

Finance Minister is expected to announce a host of measures in the Budget to improve investment climate and arrest economic slowdown.

Economic growth rate in the current fiscal is estimated to decelerate to 6.9 per cent, from 8.4 per cent a year ago.

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