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Informist, Tuesday, Jul 23, 2024

--To bring out fincl sector vision document 

--Moot document to set fincl sector agenda for next 5 years 

--Fincl sector vision document to focus on financing needs

--To develop taxonomy for climate finance 

--Fincl sector plan to set expectations for mkt participants

NEW DELHI – The government plans to bring out a document to set the vision and strategy for the financial sector, Finance Minister Niramal Sitharaman said today in her Budget speech for 2024-25 (Apr-Mar). The document will aim to prepare India's financial sector in terms of size, capacity and skills, Sitharaman said. 

The document will set the agenda for the sector for the next five years and guide the government, regulators, financial institutions, and market participants, Sitharaman said. 

The Economic Survey for 2023-24 (Apr-Mar), tabled in Parliament on Monday, talked about the regulatory environment on similar lines. Regulations in India need to be reviewed continuously to identify the gaps and benchmark these with the best global practices, according to the survey. 

In her Budget speech, Sitharaman also spoke about the Centre's intention to build a taxonomy for climate finance to enhance the availability of capital for climate change adaptation and mitigation. "This will support achievement of the country's climate commitments and green transition," Sitharaman said.  End

Reported by Kabir Sharma

Edited by Avishek Dutta

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