Ahead of Budget 2018, Jaitley to chair one of the most important meets today
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NEW DELHI: On Friday, finance minister Arun Jaitley will convene a meeting with financial sector regulators to chalk out decisions to be made for the Union Budget 2018. Financial Stability and Development Council (FSDC) is a high-powered body, whose members include RBI Governor, Sebi Chairman, IRDAI chief and heads of other regulatory bodies. Besides, top Finance Ministry officials would be attending the meeting.
The meeting comes in the backdrop of government deciding to borrow an extra Rs 50,000 crore from the market, a move that has raised alarms of a fiscal slippage. Analysts are of the opinion that the government will breach the fiscal deficit target of 3.2 per cent of the GDP. The fiscal deficit has been the buzzword off late, since the revenue collected from GST slipped to a 5-month low in November.
On Thursday, news agency PTI reported that fiscal position will be one of the talking points of the meeting. The agenda also includes external sector environment, financial sector reforms, rising non-performing assets and regulatory issues.
The Insolvency and Bankruptcy Code (IBC) is also expected to be discussed with the government on Thursday introducing a bill in the Lok Sabha to make amendments to the IBC to make resolution process easier for ailing firms.
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