Business

PM heads group on global crisis

NEW DELHI: A day after his review meeting with captains of industry on the ongoing global financial crisis, Prime Minister Manmohan Singh on Tuesday constituted an apex group under his chairmanship to monitor and coordinate the government’s response to India Inc.’s concerns so as to minimise its adverse economic impact on India.

With Dr. Singh as its Chairman, the other members of the group are: Finance Minister P. Chidambaram, Industry and Commerce Minister Kamal Nath, Planning Commission Deputy Chairman Montek Singh Ahluwalia and RBI Governor D. Subbarao.

“The group will meet regularly to coordinate/decide the government’s response to the points raised by industry time to time with regard to the current global financial crisis and its impact on India,” an official statement said.

The Prime Minister has also approved a Committee of Officers under the chairmanship of the Finance Secretary that “will meet on a daily basis or as often required to consider the issues raised by industry.” Apart from the Finance Secretary, the other members of the committee are: Commerce Secretary, Secretary (DIPP) and Secretary (Planning Commission). “The Joint Secretary (Banking) Finance Ministry will be the government contact person to receive suggestions from industry,” it said.

Addressing corporates at the meeting on Monday, the Prime Minister had said: “We recognise that the situation is abnormal and we need to be constantly on the alert. The situation is being watched on a day-to-day basis and more steps will be taken if required.” Alongside, FICCI President Rajeev Chandrasekhar announced that the industry chamber was setting up a task force to work with the high-level Committee of Officers to address the current economic crisis.

“FICCI is creating a group that will engage with all regional and other trade organisations covering SMEs and exporters, and this group will interface with the government committee to seamlessly communicate challenges of SMEs/exporters in addition to other industry sectors,” Mr. Chandrasekhar said.

Through its nationwide network of chambers of commerce and associations, FICCI has decided to mobilise its members across the country and all sectoral associations to provide inputs to this task force for communication with the committee to bring out the concerns of Indian industry at all levels. It will also carry out nationwide surveys to assess trends in production, sales, exports, and investments and present the results to the Government.

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