Photographs

Shri P. Chidambaram, Hon’ble Union Minister of Finance addressed the Central Board of the Reserve Bank of India today. He indicated that the Interim Union Budget 2014-15 had been presented against the backdrop of considerable improvement in the macroeconomic environment with the fiscal and current account deficits being contained during financial year 2013-14. This was made possible by effective macro-economic management which included unconventional and difficult measures, and close coordination between the Government and the Reserve Bank.

The Union Finance Minister was addressing the customary meeting of the Central Bank of the Reserve Bank of India after the presentation of the Interim Budget. He was accompanied by Shri Namo Narain Meena, Minister of State (Expenditure and Financial Services) and Shri Jesudas D. Saleem, Minister of State (Revenue). Special invitees Shri Sumit Bose, Secretary (Finance) and Shri Ratan P. Watal, Secretary (Expenditure) attended the meeting.

Dr. Raghuram Rajan, Governor, Reserve Bank of India chaired the meeting. Besides Deputy Governors Dr. K. C. Chakrabarty, Shri Harun R. Khan and Dr. Urjit Patel of the Reserve Bank of India, the other directors of the Central Board of the Reserve Bank present at the meeting included Dr. Anil Kakodkar, Shri Kiran S. Karnik, Dr. Nachiket M. Mor, Shri Y.H. Malegam, Prof. Dipankar Gupta, Shri G. M. Rao, Ms. Ela R. Bhatt, Dr. Indira Rajaraman and Prof. Damodar Acharya. The meeting was also attended by Government nominee directors on the Central Board- Shri Arvind Mayaram, Secretary (Economic Affairs) and Shri Rajiv Takru, Secretary, (Financial Services).

Sucheta Vazkar

Manager

Fiscal coordination underscored as key to contained deficits and discussed with the central bank after the interim budget. The Finance Minister briefed the Reserve Bank Central Board after the Interim Union Budget, attributing contained fiscal and current account deficits to effective macro economic management-including unconventional measures-and close coordination between the Government and the Reserve Bank; senior Government and RBI officials and Central Board directors attended the consultative meeting.