Expert panel on financial crisis to meet Monday afternoon

October 13th, 2008 - 12:57 pm ICT by IANS  

New Delhi, Oct 13 (IANS) An expert panel under Finance Secretary Arun Ramanathan meets here later Monday to find solutions to help India weather the impact of the global financial storm that has sent stocks crashing and industrial growth dip to the lowest in a decade.Finance Minister P. Chidambaram, who constituted the panel last Friday, said the members of the expert panel would meet at 3.30 p.m. and that measures to address the situation would be announced “shortly”.

“The problem has been identified as liquidity,” the finance minister said, emphasising that the Indian economy was predicted to grow at a robust pace, the invest rate was high and tax collections were on the rise.

The panel, which has to submit a report to Chidambaram in a week’s time, will also visit Mumbai to hold deliberations with financial sector regulators such as the central bank and the markets watchdog, officials said.

They will also meet with with Reserve Bank of India (RBI) Governor D. Subbarao, after his return from Washington for the annual meeting of the International Monetary Fund (IMF).

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