Govt committed to fiscal consolidation: PC

Last Updated: Fri, Feb 01, 2013 18:39 hrs

New Delhi, Feb 1 (IBNS) Union Finance Minister P. Chidambaram on Friday reiterated the commitment of the government for observing the path of fiscal consolidation and imposition of fiscal targets and policies that will make necessary fiscal correction needed for the economy and take the economy back to the path of higher growth.

Chidambaram highlighted the efforts being made to turn the economy around and create a more investor- friendly climate.

He was speaking at the Sixth Meeting of the Financial Stability and Development Council (FSDC) which was held here under his Chairmanship.

Chidambaram informed the members that to encourage foreign flows into India and offer reassurance on the positive investment climate, he has recently held discussions with a cross section of international investors at Singapore, Hongkong, London and Frankfurt last month and hoped to get positive results.

The FSDC meeting was held as a pre-budget consultations' exercise with Financial Sector Regulators and was attended among others by Dr. D. Subbarao, Governor, RBI, U. K. Sinha, Chairman, SEBI, Yogesh Agarwal, Chairman, PFRDA, J. Hari Narayan, Chairman, IRDA, R.S. Gujral, Finance Secretary, Dr. Arvind Mayaram, Secretary, Department of Economic Affairs, Sumit Bose, Secretary, Department of Revenue, Ravi Mathur, Secretary, Department of Disinvestment, Dr. Raghuram G. Rajan, Chief Economic Adviser, Rajiv Takru, OSD, Department of Financial Services and other senior officials of the Ministry of Finance.

In this meeting, financial sector regulators presented their suggestions regarding the forthcoming Budget 2013-14, which will be examined and further processed by related Departments.

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