India is better placedtoday, compared to other emerging economies, Finance MinisterArun Jaitley and financial sector regulators including RBI Governor RaghuramRajan concluded at Financial Stability Development Council (FSDC) meetingon Tuesday. Uncertainties in the global economy and high volatility in the financial markets have had limited impact on India, they said.
India is backed by improvement in itsmacro-economic fundamentals, recent financial sector reforms, and large foreign exchange reserves, the FSDC concluded in its 15th meeting. This, they noted, protects the country against financial marketvolatility.
The meeting chaired bythe finance minister, also discussed rising non-performing assets of banks andmeasures to manage the situation.
Members discussed the challenges posed by the implementation of the Seventh Pay Commission recommendations on India's fiscal deficit target, a government official said.
On maturity of foreigncurrency non-resident bank (FCNRB) deposits during September-December 2016, the councilnoted steps are being taken by the Reserve Bank of India toaddress the issue and its consequences.
The meeting was attendedby Finance Secretary Ashok Lavasa, Economic Affairs Secretary Shaktikanta Das, Chief Economic Advisor ArvindSubramanian, Securities and Exchange Board of India Chairman, UK Sinha, and other senior government officers and financial sector regulators.
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