Prime minister to head group to address industry’s concerns

November 4th, 2008 - 8:46 pm ICT by IANS  

Manmohan SinghNew Delhi, Nov 4 (IANS) Prime Minister Manmohan Singh will himself head an apex group to coordinate the government’s response to concerns raised by India Inc on the global financial meltdown and its impact on the domestic economy.The constitution of such a panel was announced by the prime minister here Monday during a meeting with the presidents of leading chambers and industrialists.

“This group will meet regularly to coordinate and decide the government’s response to the points raised by industry from time to time with regard to the current global financial crisis and its impact on India,” a statement from the Prime Minister’s Office said.

Finance Minister P. Chidambaram, Commerce Minister Kamal Nath, Planning Commission Deputy Chairman Montek Singh Ahluwalia and the Reserve Bank of India Governor D. Subbarao are other members of the group

“The prime minister has also approved a committee of officers chaired by the finance secretary that will meet on a daily basis or as often as required to consider issues raised by industry,” the statement said.

The members of the committee are the commerce secretary, industry secretary and member secretary of the Planning Commission, while the joint secretary for banking will be the government’s contact person to receive suggestions from the corporate sector.

At his meeting with industry leaders, the prime minister had said steps were taken in the recent weeks to lessen the impact of global financial crisis on India and that further measures would follow to protect the country’s economic growth.

“Industry must bear in mind its societal obligations in coping with the effects of this global crisis. Government and industry must act in a true spirit of partnership to meet the challenges that lie ahead,” he said.

“I would like to assure each one of you that the government will take all necessary monetary and fiscal policy measures on the domestic front to protect our growth rates.”

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