Financial express, July 29, 2024
The NFIR was highlighted in the Budget 2023-24 as a key initiative to improve credit efficiency and economic growth.
Economic Affairs Secretary Ajay Seth has indicated that the Bill to establish a National Financial Information Registry (NFIR) is making quite the progress and that it might be presented in the next Parliamentary session. Speaking to PTI after the budget announcement, Seth confirmed that the Bill is in the final stages of inter-ministerial consultations and will be finalized soon.
What is the National Financial Information Registry Bill?
The proposed registry aims to create a central repository for financial and related information, enhancing the availability of accurate data for lending agencies. This will streamline credit flow, support financial inclusion, and contribute to financial stability.
The NFIR was highlighted in the Budget 2023-24 as a key initiative to improve credit efficiency and economic growth. The establishment of this registry is intended to consolidate financial data and promote faster economic development.
Regarding economic growth projections, Seth mentioned that the Budget assumes a nominal GDP growth rate of 10.5% to avoid a larger fiscal deficit. He explained that more conservative estimates are preferred to manage revenue expectations and minimize borrowing needs, which could otherwise increase the fiscal deficit.
The government has reduced the fiscal deficit target to 4.9% for the current year, down from 5.1% estimated earlier, while maintaining the 4.5% target for 2025-26.
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