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RBI governor stresses on fiscal consolidation
July 07, 2023
Reserve Bank of India Governor Shaktikanta Das highlighted the importance of debt sustainability of state governments and reviewed their market borrowings at the 33rd conference of state finance secretaries in Mumbai on Thursday.
“He emphasized on the need for the states to focus on fiscal consolidation, improving quality of expenditure and other issues related to the fiscal health of states such as contingent liabilities/guarantees, etc,” the RBI said in a release.
Apart from market borrowing, the meeting reviewed administration of the consolidated sinking fund and guarantee redemption fund, matters pertaining to state government guarantees and short-term financial accommodation to states from the RBI.
The review comes at a time when state government borrowings have risen sharply, with state bond issuances so far this fiscal year outstripping the previous year’s quantum by more than ₹60,000 crore.
RBI has appointed P Vasudevan as executive director effective from July 3. He will look after the department of currency management, corporate strategy, budget and enforcement departments at RBI. As CGM Vasudevan was in-charge of the department of payment and settlement systems. He holds a bachelor’s degree in commerce and is a fellow of the Institute of Cost Cccountants of India.
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