More steps in the offing to help industry: Commerce secretaryDecember 7th, 2008 - 7:53 pm ICT by IANS
New Delhi, Dec 7 (IANS) Soon after the government Sunday unveiled a Rs.3,000-billion ($60-billion) package to pump prime the economy in the face of the global downturn, Commerce Secretary G.K. Pillai promised more action, including separate packages, to address the concerns of the various segments of industry.Talking of the package that is expected to benefit a host of areas and stakeholders such as exporters, housing, infrastructure and textiles, Pillai said the government is also working on a separate package for the textile industry, which has been hard hit by the global meltdown.
“We will take it up with the finance ministry and the package will be announced in the coming weeks,” Pillai said.
He also assured the industry that service tax would be refunded and that the commerce ministry has already taken it up with the finance ministry.
According to Pillai, the major reason for fall in India’s exports is the global economic slowdown. “As demand falls across the markets in the developed world, Indian exports are bound to go down,” he said.
“But the government has launched market-assistance programmes to help exporters find profitable markets in these tough times.”
Pillai said the effect of global slowdown on Indian economy was so strong that around 300,000 jobs have already been cut.
“The government will continuously review the package. We have a committee of secretaries that will meet on regular basis to keep a check on the economy, and find ways to address the concerns of the industry,” he said.