On Monday, India’s economic affairs secretary stated the Financial Stability and Development Council (FSDC) believes its banking system is shielded from global challenges.
After the finance minister-chaired FSDC meeting, Ajay Seth spoke to the press.
“The global financial crisis is worrisome, but the Indian economy and banking industry are highly safeguarded and tightly controlled. “But we must be cautious and on our toes,” Seth remarked.
He stated the first FSDC meeting since 2023/24 Federal Budget was unveiled on Feb. 1 did not debate India’s vulnerability to the Western financial system. Instead, spillover and risk pathways were debated.
