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On which committee recommendation,” Fiscal stability and Development Council” was set up ?
- a)N.K.Singh Committee
- b)Raghuramrajan Committee
- c)Usha Thorat Committee
- d)Rangarajan Committee
- e)None of the above/More than one of the above
Correct answer is option 'B'. Can you explain this answer?
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On which committee recommendation,” Fiscal stability and Development ...
The correct answer is option 'B' - Raghuram Rajan Committee.
Explanation:
In order to ensure fiscal stability and promote sustainable development, the government of India set up the Fiscal Stability and Development Council (FSDC). This council was established based on the recommendations of the Raghuram Rajan Committee.
1. The Raghuram Rajan Committee:
The Raghuram Rajan Committee was constituted by the government of India in 2008. The committee was tasked with examining various aspects of the financial sector and suggesting measures to improve its efficiency and stability. One of the key recommendations of this committee was the establishment of the Fiscal Stability and Development Council.
2. Setting up of the Fiscal Stability and Development Council:
Based on the recommendations of the Raghuram Rajan Committee, the government of India established the Fiscal Stability and Development Council in 2010. The council was set up as an apex body to coordinate and monitor the overall fiscal and financial stability of the country.
3. Objectives of the Fiscal Stability and Development Council:
The main objectives of the FSDC include:
- Enhancing inter-regulatory coordination and cooperation among various financial sector regulators.
- Strengthening the resilience and stability of the financial sector.
- Promoting efficient functioning of financial markets.
- Ensuring fiscal stability and sustainability.
- Promoting financial literacy and inclusion.
4. Composition of the Fiscal Stability and Development Council:
The FSDC is chaired by the Finance Minister of India and includes the heads of various financial sector regulators and key government officials. The members of the council include the Governor of the Reserve Bank of India, the Secretary of the Department of Economic Affairs, the Secretary of the Department of Financial Services, and the Chief Economic Advisor.
5. Functions of the Fiscal Stability and Development Council:
The FSDC performs various functions, including:
- Monitoring the macroeconomic and fiscal situation.
- Assessing the stability of the financial sector.
- Coordinating policy responses to address systemic risks.
- Recommending measures to enhance financial stability and promote sustainable development.
- Facilitating inter-regulatory coordination and cooperation among financial sector regulators.
- Promoting financial literacy and inclusion.
In conclusion, the Fiscal Stability and Development Council (FSDC) was set up based on the recommendations of the Raghuram Rajan Committee. The FSDC plays a crucial role in ensuring fiscal stability and promoting sustainable development in India.
Explanation:
In order to ensure fiscal stability and promote sustainable development, the government of India set up the Fiscal Stability and Development Council (FSDC). This council was established based on the recommendations of the Raghuram Rajan Committee.
1. The Raghuram Rajan Committee:
The Raghuram Rajan Committee was constituted by the government of India in 2008. The committee was tasked with examining various aspects of the financial sector and suggesting measures to improve its efficiency and stability. One of the key recommendations of this committee was the establishment of the Fiscal Stability and Development Council.
2. Setting up of the Fiscal Stability and Development Council:
Based on the recommendations of the Raghuram Rajan Committee, the government of India established the Fiscal Stability and Development Council in 2010. The council was set up as an apex body to coordinate and monitor the overall fiscal and financial stability of the country.
3. Objectives of the Fiscal Stability and Development Council:
The main objectives of the FSDC include:
- Enhancing inter-regulatory coordination and cooperation among various financial sector regulators.
- Strengthening the resilience and stability of the financial sector.
- Promoting efficient functioning of financial markets.
- Ensuring fiscal stability and sustainability.
- Promoting financial literacy and inclusion.
4. Composition of the Fiscal Stability and Development Council:
The FSDC is chaired by the Finance Minister of India and includes the heads of various financial sector regulators and key government officials. The members of the council include the Governor of the Reserve Bank of India, the Secretary of the Department of Economic Affairs, the Secretary of the Department of Financial Services, and the Chief Economic Advisor.
5. Functions of the Fiscal Stability and Development Council:
The FSDC performs various functions, including:
- Monitoring the macroeconomic and fiscal situation.
- Assessing the stability of the financial sector.
- Coordinating policy responses to address systemic risks.
- Recommending measures to enhance financial stability and promote sustainable development.
- Facilitating inter-regulatory coordination and cooperation among financial sector regulators.
- Promoting financial literacy and inclusion.
In conclusion, the Fiscal Stability and Development Council (FSDC) was set up based on the recommendations of the Raghuram Rajan Committee. The FSDC plays a crucial role in ensuring fiscal stability and promoting sustainable development in India.
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On which committee recommendation,” Fiscal stability and Development ...
- The Government of India set up a "Committee on Financial Sector Reforms" in 2007, Dr. Raghuram Rajan was the chairman of this committee.
- The committee submitted its report titled "A Hundred Small Steps" in 2008.
- The committee recommended setting up of an apex body to monitor the Indian economy and promote inter-regulatory cooperation.
- The Government of India established the Financial Stability and Development Council (FSDC) in 2010 under the chairmanship of the Union Finance Minister
- The RBI Governor heads the sub-committee of the FSDC.
All financial regulators are members of the Financial Stability and Development Council (FSDC). they are :
- RBI : Regulator of Banks and NBFCs
- IRDAI (Insurance Regulatory and Development Authority of India): Regulator of the insurance sector in India
- SEBI (Securities and Exchange Board of India): Regulator of capital market in India
- PFRDA (Pension Fund Regulatory and Development Authority in India): Regulator of pension market in India
- Other members of FSDC are
Government of India :
- finance secretary
- Secretary, Department of Economic Affairs (DEA)
- Secretary, Department of Financial Services (DFS)
- and Chief Economic Advisor
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