FM-chaired regulatory body likely to meet on May 14; review of economy on agenda
The Financial Stability and Development Council is likely to meet on May 14 to review the economic situation in the wake of the coronavirus crisis and the consequent lockdown in the country.
The Financial Stability and Development Council is likely to meet on May 14 to review the economic situation in the wake of the coronavirus crisis and the consequent lockdown in the country.
All financial sector regulators will attend the FSDC meet via video conference. The FSDC is chaired by finance minister Niramala Sitharaman.
Economic activity in India has come to a halt since the country went into a near-complete lockdown beginning March 25. The initial 21-day lockdown has since been extended twice and remains in effect until May 17.
The lockdown is having a big impact on the country’s economic growth. Brokerage firm Nomura has cut steeply its FY2021 GDP forecast for India from -0.4 percent to -5.2 percent.
The FSDC is a super regulatory body, which came into being in 2010 after recommendation by the Raghuram Rajan Committee in 2008.
First Published: May 11, 2020 9:14 AM IST
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