In a subsequent interaction with the media, Sitharaman said there was much talk of extreme volatility and global adversities, but no extraordinary measures were discussed. Sitharaman said it was very difficult to forecast crude oil prices, which are currently approaching $100 per barrel level. “We discussed this today when we were looking at the challenges facing financial stability. Crude was one of those things… the international worrying situation, where we voiced that we wanted a diplomatic solution to the situation, And all these hurdles. We will keep an eye on it,” she said.
The finance minister said the market price of fuel charged by the oil marketing companies was based on their average purchase rate for the fortnight and they would take a decision. On government intervention through lower fuel taxes, he pointed out that the Prime Minister had earlier announced cuts Diwali, after which similar steps were taken by several state governments, which reduced the burden on the citizens. “The government will come out publicly (with a decision) when it feels there is a need to intervene,” she said.
The 25th meeting of the FSDC was attended by senior bureaucrats from the Ministry of Finance and Ministry of Corporate Affairs, SEBI, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, and all the regulators of the financial sector. International Financial Services Center Authority,
A statement issued by the government said that the council noted to the government and all regulators the need to maintain a constant vigil on the financial conditions and functioning of critical financial institutions, especially given that this is the case in the medium and long term. May expose financial weaknesses. The Council discussed measures needed to achieve an inclusive economic growth with further development of the financial sector and macroeconomic stability.
The Council also discussed operational issues related to currency management. It took note of the activities carried out under the chairmanship of the FSDC sub-committee reserve Bank of India Action taken by members on past decisions of Governor and FSDC.
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