Mukherjee holds talks with financial sector regulators

Finance minister Pranab Mukherjee today held a meeting with the financial sector regulators and discussed their proposals, which could be incorporated in the federal budget for improving the investment climate in the country.

Among those who attended the meeting in New Delhi were Reserve Bank of India (RBI) governor D Subbarao, Securities and Exchange Board of India (SEBI) chairman UK Sinha, Pension Fund Regulatory and Development Authority (PFRDA) chairman Yogesh Agarwal, Insurance Regulatory and Development Authority (IRDA) chairman J Harinarayan -- all members of the Financial Stability and Development Council (FSDC).

The finance ministry secretaries also attended the meeting.

The FSDC was set up in 2011, as an umbrella organisation of all financial sector regulators in the country and is headed by the finance minister. The council frames the financial sector policy and monitors the macro economic health of the country.

"Finance minister heard all the regulators. The outcome of today's meeting will be reflected in the budget. RBI has responsibility both for macro-economic management and for banking regulation," governor Subbarao told reporters after the meeting.

According to the PFRDA chairman, regulators presented their proposals for boosting economic growth and improving the image of India as an investment destination.

Agarwal said the regulators suggested pro-investment, pro-growth and anti-inflationary measures for the budget.

Mukherjee is to present the budget for the 2012-13 fiscal on 16 March.

The discussions are also said to have included global macro-economic developments, including the global financial crisis, developments in Iran, besides the policy initiatives taken by the government to attract foreign investments.