<h1>Finance Leaders Discuss Economic Recovery, Stability, and Transition from LIBOR at Financial Stability Council Meeting.</h1> The 23rd Meeting of the Financial Stability and Development Council, chaired by the Finance Minister, was held via video conference, attended by key government and financial sector leaders. The meeting reviewed macroeconomic developments and financial stability issues, noting the positive impact of government and regulatory measures on India's economic recovery, as evidenced by reduced GDP contraction in Q2 2020-21. Discussions focused on ensuring financial sector support for economic growth while maintaining stability. The Council addressed the transition from LIBOR-based contracts and emphasized continuous vigilance on financial vulnerabilities. Budget proposals from the Reserve Bank of India and other regulators were also discussed.