Finance Minister Pranab Mukherjee  discussed the economic situation with financial sector regulators, including Reserve Bank of India Governor and Sebi chief, and sought their inputs for the 2011-12 budget that will be unveiled on February 28.

This was the second meeting of the high-level Financial Stability and Development Council (FSDC) within a month. The first meeting was held on December 31, 2010.

The Central Bank is scheduled to hold the quarterly review of its monetary policy later this month in which it is widely expected to raise the key rates by 25-50 basis points to tame inflation that has shot up to 8.43 per cent in December, from 7.48 a month ago.

Besides, Subbarao and officials of the Finance Ministry , the meeting was attended by Securities and Exchange Board of India (SEBI) chairman C B Bhave , Insurance Regulatory and Development Authority ( IRDA )) chief J Hari Narayan and Pension Fund Regulatory and Development Authority (PFRDA) chairman Yogesh Agarwal.