The UPA Government, with support of the Union finance ministry, is closely watching the ever changing financial market conditions and is concerned over the tight economic conditions. Prime Minister Dr. Manmohan Singh, who himself is an eminent economist, reviewed the economic situation with key government functionaries and ministers. PM sought information on measures taken by the government to ease liquidity conditions in the financial system. Earlier, Dr. Singh had formed a penal of senior officials to keep vigil on the changing market conditions.

He also discussed possible measures; the government can take to help industry which is facing heat of global slowdown. The government also expressed commitment to help exporters in the time of grim financial situation. They are facing low demand following downturn in key markets like the US and Europe. The commerce and industry ministry has projected 15 per cent decline in export rate.

Finance Minister P. Chidambaram, Commerce Minister Kamal Nath, Reserve Bank of India (RBI) Governor Duvvuri Subbarao and senior government officials, including Finance Secretary Arun Ramanathan and Commerce Secretary Gopal K Pillai attended the meeting chaired by Prime Minister.