Corrective measures needed to be taken to ensure high domestic demand: Home MinisterJanuary 24th, 2009 - 7:25 pm ICT by ANI
Chennai, Jan 24, (ANI): Union Home Minister P. Chidambaram said on Saturday that corrective measures have to be undertaken to ensure high domestic demand.
The Union Home Minister while delivering a lecture after launching the Bharatiya Yuva Shakthi Trust here, said, “India is not facing recession but only a slowdown and creative measures have to be undertaken to ensure high domestic slowdown.”
Chidambaram emphasized on taking corrective measures and said: “While the government is taking fiscal measures, the RBI is taking monetary measures. Government and RBI should work together to work out more stimulus packages.”
According to Chidambaram, there was some monetary shock due to the drying up of overseas as well as non-banking lending and now lending has to be increased to stimulate domestic demand. (ANI)