Indian Economy

PM constitutes a panel to review economic situation

PM constitutes a panel to review economic situationPrime Minister Dr. Manmohan Singh, has constituted a panel under his chairmanship, to review the global financial condition and its impact on the economy of the country. Mr. Singh had assured the corporate world in a recent meeting that government would monitor financial matters on daily basis. 

The other members of committee are Finance Minister, P Chidambaram, Industry and Commerce Minister, Kamal Nath, Planning Commission Deputy Chairman, Montek Singh Ahluwalia and RBI Governor D Subbarao.

Government may ease FDI caps

Government may ease FDI capsThe Union government may relax norms for foreign direct investment to increase fund flow in the monetary system of India. Union Commerce and industry minister, Kamal Nath said that the government is thinking to reduce FDI cap for many sectors such as defense equipment manufacturing and multi-brand retail. 

It would help India to increase investment and reduce deficits amid global financial crisis. The government had already increased FDI limit for insurance sector from 26 per cent to 49 per cent.

PM Manmohan Singh urges industry leaders to join in coping with crisis

Prime Minister Dr. Manmohan SinghNew Delhi - Prime Minister Manmohan Singh met leaders of Indian industry on Monday and assured them that the government would take all measures to protect the economy in view of the global financial crisis which, he said, was now likely to be more severe and prolonged.

He also urged them to play a positive role and avoid "knee-jerk" reactions like large-scale lay-offs, according to a release from the prime minister's office.

PM Manmohan Singh to meet captains of industry today

Prime Minister Dr. Manmohan SinghNew Delhi, Nov 3: Prime Minister Dr. Manmohan Singh is meeting captains of industry and trade in New Delhi on Monday to discuss the impact of global financial crisis and the slow-down in the Indian economy.

Industry leaders Ratan Tata, Anand Mahindra, Mukesh Ambani, Anil Ambani, Sunil Bharti Mittal, Shashi Ruia, K. P. Singh and Naresh Goyal are expected to attend the meeting today.

25% Lay offs in Key Industrial Segments: Assocham

25% Lay offs in Key Industrial Segments: AssochamAfter Large scale lay offs by Jet Airways, the industry chambers Assocham has predicted upto 25 percent job cuts in the infrastructure, services and aviation sector. After a survey, the Assocham declared that the layoffs shall be in seven key sectors namely steel, cement, IT-enabled services /BPO, financial and brokerage services, construction, real estate and aviation. 

Interest rate cut recommended by Industry lobby

Interest rate cut recommended by Industry lobby With the aim to support the economy in the times of financial crisis, a set of recommendations, including further cut in key interest rates were planned on Sunday by the leading industry body, the Confederation of Indian Industry (CII). 

A statement issued by the chamber said, "It is necessary to further reduce repo rate by at least 50 basis points and in CRR (cash reserve ratio) by 150 bps to ensure adequate liquidity and reasonable cost of funding."

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