Government is planning to set up a high-powered committee to ensure the problems faced by the industry, including liquidity crunch and high interest rates, are resolved. Government also want to minimize the impact of the global credit crisis on the Indian economy and job cuts.
Finance Minister P Chidambaram, Commerce and Industry Minister Kamal Nath and Deputy Chairman of Planning Commission Montek Singh Ahluwalia are likely to be on the committee. Pillai said the government would react "positively" to the suggestions made to revive the housing and construction sectors, which were prime drivers of the economy.
For the five month period (April-August 2008-09), the industrial production growth rate stood at 4.9 per cent, down from 10 per cent during the corresponding period last year. Due to the slowdown in major economies, India''s exports growth has also declined to 10.4 per cent in September this year after showing a impressive expansion of over 35 per cent for the April-August period.
Finance Minister P Chidambaram, Commerce and Industry Minister Kamal Nath and Deputy Chairman of Planning Commission Montek Singh Ahluwalia are likely to be on the committee. Pillai said the government would react "positively" to the suggestions made to revive the housing and construction sectors, which were prime drivers of the economy.
For the five month period (April-August 2008-09), the industrial production growth rate stood at 4.9 per cent, down from 10 per cent during the corresponding period last year. Due to the slowdown in major economies, India''s exports growth has also declined to 10.4 per cent in September this year after showing a impressive expansion of over 35 per cent for the April-August period.
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