Government to boost insurance and mutual fund industry

August 6th, 2012 - 6:18 pm ICT by IANS  

P. Chidambaram New Delhi, Aug 6 (IANS) Finance Minister P. Chidambaram Monday said that the government will announce a number of decisions in the next few weeks to boost the mutual fund industry and the insurance sector.

“Both the mutual funds industry and insurance sectors have turned sluggish. In the next few weeks, we will announce a number of decision to attract more people to invest in mutual funds, insurance policies and other well-designed instruments,” Chidambaram said at a media briefing.

He said the government will also work towards removing supply side bottlenecks in the manufacturing and export sector.

“Manufacturing and exports are two key drivers of the economy. Both have registered low or negative growth in recent months. It is imperative that we reverse this trend.

“Supply side constraints on the side of manufacturing and exports must be removed in double quick time. We intend to work with manufacturers and exporters to implement short and medium term measures,” Chidambaram said.

The finance minister said that the implementation of large infrastructure and other projects with an investment of Rs.1,000 crore or more will be monitored closely under by the cabinet committee of economic affairs (CCEA).

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