Finance Minister to review state of economy at FSDC meeting on September 15

FSDC is the apex body of sectoral regulators, headed by the Union Finance Minister

Finance Minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC), scheduled on September 15.

The 26th meeting of the high-level panel to be held in Mumbai will be attended by all financial sectoral regulators, including RBI Governor Shaktikanta Das, sources said.

The FSDC is the apex body of sectoral regulators, headed by the Union Finance Minister.

The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs, according to the sources.

The council would also discuss measures required for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability, they said.

As per the RBI estimate, the country's GDP is expected to witness a growth of 7.2% in the current financial year amid elevated retail inflation at 6.7%.

The focus of both the government and RBI is to tame inflation, which has remained above the RBI's tolerance level of 6% since January this year. Besides, the falling rupee hovering around 80 per dollar is adding pressure to inflation.