Fiscal Discipline Urged by RBI Governor at State Finance Secretaries Conference
RBI Governor Sanjay Malhotra highlighted fiscal discipline's role in economic growth at the State Finance Secretaries conference. He emphasized expenditure quality, off-budget borrowing prudence, and state-RBI coordination. The conference explored cash management, market borrowing, and fiscal consolidation, with officials from various finance bodies participating.
- Country:
- India
RBI Governor Sanjay Malhotra on Thursday highlighted the critical role of fiscal discipline in fostering economic growth and prosperity. This was communicated during his address at the 35th Conference of State Finance Secretaries.
Malhotra emphasized the need for states to enhance expenditure quality and exercise caution in off-budget borrowings to ensure economic stability. He also pointed to the necessity of active coordination between states and the Reserve Bank of India (RBI) for successful implementation of initiatives like currency management and financial inclusion.
The conference, attended by representatives from the Ministry of Finance and finance officials from 28 States and two Union Territories, reviewed state cash management, market borrowings, and fiscal consolidation. The meeting emphasized the significance of these measures in the journey toward economic prosperity.
(With inputs from agencies.)
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