Shri Pranab Mukherjee, Hon’ble Union Minister of Finance today addressed the Central Board of the Reserve Bank Board on the various aspects of the Budget and the background of constraints arising out of the international financial situations as also the difficult domestic situation. He said that he had tried to focus on agriculture and infrastructure. He had endeavoured to push the economy on high growth path keeping in view the growth – inflation trade-off. He emphasised the Government's earnest commitment to fiscal consolidation and indicated that all necessary steps would be taken to ensure that budget estimates would be met. The Finance Minster appreciated the Reserve Bank’s pro-active role in supporting Government's efforts to promote financial inclusion. He also urged the Reserve Bank to expeditiously finalise the revised priority sector guidelines.
Earlier, the Governor welcomed the Finance Minister and complimented him on the Budget which was formulated in a trying and complex environment. He also articulated the Reserve Bank's concerns particularly with respect to fiscal consolidation.
The Union Finance Minister was addressing the customary post-Budget meeting of the Central Board of the Reserve Bank of India held in New Delhi today. Besides Dr. D. Subbarao, Governor of the Reserve Bank, Deputy Governors Dr. K.C.Chakrabarty, Dr. Subir Gokarn, Shri Anand Sinha and Shri Harun R. Khan of the Reserve Bank attended the meeting. The meeting was also attended by Shri Namo Narain Meena, Minister of State (Expenditure, Banking and Insurance), Shri R. S. Gujral, Finance Secretary and Secretary (Revenue), Shri Mohammad Haleem Khan, Secretary, Disinvestment, Government nominee directors on the Central Board Shri R. Gopalan, Secretary, Economic Affairs and Shri D. K.Mittal, Secretary, Financial Services. The other Directors of the Central Board of the Reserve Bank of India present at the meeting included Shri Kiran Karnik, Dr. Anil Kakodkar, Shri M.V. Rajeev Gowda, Shri Y.H.Malegam, Shri Dipankar Gupta, Shri G. M. Rao, Ms. Ela Bhatt, Dr. Indira Rajaraman and Dr. Najeeb Jung.