PM panel on trade and industry discusses countrys economic situation

December 18th, 2007 - 7:55 pm ICT by admin  

New Delhi, Dec 18 (ANI): The Prime Ministers Council on Trade and Industry today discussed the current economic situation and issues of concern to the industries of the country.

The meeting chaired by Prime Minister Manmohan Singh underlined the various positive trends in the economy and drew attention to positive expectations about the future of the countrys economy both at home and abroad.

The meeting also discussed at length the global economic trends and whether the concern regarding a global slow down would affect the growth process in the country.

Participants also gave their views on the domestic price situation, drawing attention to global trends in fuel and food prices. They expressed concern with persisting infrastructural and policy constraints on growth.

Our policy must be tuned to sustain nine per cent growth even if world growth slows down and global food and fuel prices continue to remain under pressure, Singh said.

While India must remain alert to trends in the global economy, we must also recognize that the world is looking at India as a new engine of growth. If our economy continues to grow despite a global slow down, we will be able to lift millions of our people from poverty and generate employment for our youth, he added.

Drawing attention towards the 11th Plans strategy of giving special attention to education, Singh said that expenditure on education is being increased from seven per cent of total plan outlay in the 10th Plan to nineteen per cent in the 11th Plan.

Appealing industry captains to come forward with new ideas on education, he said: We must not become slaves of the past. We need creative thinking and fresh thinking to address the challenges we face in education.

The meeting was attended by Finance Minister P Chidambaram, Union Commerce and Industry Minister Kamal Nath, Deputy Chairman Planning Commission Montek Singh Ahluwalia, Ratan Tata, Keshub Mahindra, Mukesh Ambani, R.P. Goenka, Jemshed Godrej, N.R. Narayanamurthy, Rahul Bajaj, Anji Reddy, Sunil Mittal, Sunil Munjal and Deepak Parekh. (ANI)

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