Source: News Bharati English05 Jan 2017 14:57:20
New Delhi, January 5: Finance Minister Arun Jaitley expressed his hopes towards the better economy of India. Post demonetization the economy has affected a lot but globally India still secures itself as better place in regard with macro-economic fundamentals. Finance Minister spoke on the economy of India and factors affecting the economy while chairing the 16th Meeting of Financial Stability and Development Council (FSDC) in New Delhi today.
India’s economy was infected due to black money which was the devastating factor. Hence government has stepped forward to curtail the shadow economy after implementing the demonetization move. The government is looking forward to boost the economy by coming up with new efforts which will benefit in long run to the nation. Emphasizing the significance on the economy of India Finance Minister said that “the government’s measures to eliminate the shadow economy and tax evasion are expected to have a positive impact both on GDP and on fiscal consolidation in the long run.”The meeting was held up for coming up with new suggestions and outcomes in order to benefit the upcoming Budget 2017-18. Chief Economic Adviser Arvind Subramanian spoke on the economy of the state where financial regulators and other dignitaries were present. The FSDC meeting was held to discuss about the obstacles faced by the economy and to bring out the solution to tackle them. Financial regulators gave their inputs to promote financial stability and also discuss the measures and initiatives to establish and promote the financial stability.
RBI Governor Dr. Urjit R. Patel, Finance Secretary Ashok Lavasa, Department of Economic Affairs (DEA) Shaktikanta Das with several financial regulators and other senior officers from government were present in FSDC meeting.