Bank chiefs' meet on July 13

By Our Special Correspondent

NEW DELHI, JUNE 28. The Finance Minister, Mr. Yashwant Sinha, has convened a meeting of bank chiefs here on July 13 to chalk out a strategy to revive investor sentiment and industrial growth.

He told presspersons here today that there would also be a meeting with the heads of financial institutions to study the trend in credit offtake and investment patterns and take remedial action if necessary. Asked for comments about the low industrial growth in the last few months, including the first month of the current fiscal when the index of industrial production grew at the rate of only 2.7 per cent against a 6.5 per cent growth in April last year, Mr. Sinha said the fiscal year had just begun and it would take some time before the measures announced in the latest Budget started showing results.

He, however, said there was no magic wand to improve the industrial climate overnight. The latest Budget had stepped up public expenditure which in turn was expected to boost industrial activity and overall growth of the economy, the Minister said.

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Section  : National
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