Govt will implement ‘large’ number of FSLRC proposals: Arun Jaitley

These include putting in place an Indian Financial Code that will replace the bulk of existing laws in the financial sector and creating a single regulator for pension, equity, insurance and commodities markets. The Commission has proposed that the RBI be mandated to tackle inflation or boost growth but promised to review its regulatory structure.

The Indian Express had reported on November 27 that President Pranab Mukherjee made an unusual intervention and took up the issue of implementing the FSLRC report with Prime Minister Narendra Modi.

However, Jaitley did not commit any timeframe. Neither did he announce implementation of any specific proposal. The Finance Minister said the country has moved away from state-regulated mechanism to one where the market is trusted and there are professional regulators to deal with issues in various sectors.

“We need to institutionalise the mechanism. We need the best practices in India…the best global practices. The Commission’s report is an extremely important step in developing that framework,” Jaitley said.

Meanwhile, at an awards ceremony, the finance minister accused the Congress of following an obstructionist approach and said that the government was committed to going ahead with reforms measures to take India back to original potential of 8 per cent economic growth a PTI report said.

Rajan changed  views after becoming RBI Guv: Srikrishna

Hitting back at RBI Governor for his views on FSLRC recommendations, its Chairman BN Srikrishna on Saturday said Raghuram Rajan was once in favour of an appellate tribunal but changed his stance after moving to the central bank. “In his 2009 report ‘A 100 Steps’, Dr Rajan wrote ‘regulatory action should be subject to appeal to the financial sector appellate tribunals’,” Srikrishna said.

India to touch 8-9% growth, says President

India will soon attain an 8-9 per cent annual growth rate and become a $3-trillion economy, President Pranab Mukherjee said today even as he stressed that there should be clarity as to the true meaning of development.