Union Finance Minister Nirmala Sitharaman addressed the central board of directors of the RBI in New Delhi, in which, among others, Sahakar Bharati leader and a board member Shri Satish Marathe also participated.
The meeting which took place in the regional office of RBI in Delhi was mostly aimed at ensuring the smooth coordination of monetary and fiscal policies. This synchronization has kept inflation in check so far.
Talking to the Indian Cooperative, Marathe said that since the budget this year was Vote on Account, a broader framework and focus on certain issues in the full-fledged budget to come, were discussed.
Sitharaman highlighted the key thrust areas outlined in the interim Union Budget 2024-25 and the expectations from the financial sector. The Directors complimented the Finance Minister on the budget and shared their views.
The board under the Chairmanship of RBI governor Shaktikanta Das also reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility.
In his presentation, Marathe said that according to an estimate more than 18000 to 20000 new urban centres are coming up across states and the issue of housing for the middle and lower rungs of the urban population is going to be a big challenge.
Marathe, reminded this correspondent about a National Housing Co-operatives conference is scheduled to take place in Mumbai on 19th February under the aegis of Sahakar Bharati to discuss the issue. More than 2000 delegates are likely to join, he informed.
Referring to the FM-RBI meeting, Marathe said that the government has a huge focus on Green Energy, as it is coming up with several initiatives to boost the efforts. He referred to house roof solar panels , as announced by the government to prove his point. Beginning with one crore houses, the solar energy movement is going to encompass the whole of India, at a level we cannot imagine, he stressed.
Marathe also talked of green energy in mobility and informed how efforts to reduce coal and oil imports are going on.
The Union Finance Minister was accompanied by Pankaj Chaudhary, Minister of State for Finance; Dr. Bhagwat Kishanrao Karad, Minister of State for Finance; Dr. T.V. Somanathan, Finance Secretary and Secretary, Department of Expenditure; Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management; and Dr. Anantha Nageswaran, Chief Economic Advisor.