ID :
29656
Tue, 11/11/2008 - 19:50
Auther :
Shortlink :
http://m.oananews.org//node/29656
The shortlink copeid
Prime Minister promises more steps to deal with fin crisis
By Ammar Zaidi
Onboard PM's Special Aircraft, Nov 11 (PTI) With signs of
growth slowing to its lowest rate in four years, Prime
Minister Manmohan Singh promised more steps to deal with the
global financial crisis to stablise the economy and support
the industry.
"We are watching the situation on a day to day basis...
If more is needed to stablise our economy, to deal with this
international economic crisis, will be done," Singh told
reporters on his way back from the three-day maiden visit to
the energy-rich Gulf region.
During his tour to Oman and Qatar, the Prime Minister
projected a 7-7.5 percent growth rate next year and a return
to 9 per cent rate in near future.
Yesterday, Goldman Sachs cut its forecast for India's
expansion to 6.7 percent this year from previous estimate of
7.5 percent. For next year, it projected a rate of 5.8 per
cent, lower than 6.3 percent growth projected by
International Monitory Fund (I.M.F.).
"We are committed to provide all possible support and
assistance to Indian industry and trade to ensure that Indian
economy is least affected by this crisis," Singh said.
He, however, did not say what more steps Reserve Bank of
India (R.B.I.) may take to shore up growth. "It would be wrong
on my part to speculate (on the steps)."
Reserve Bank of India had last month said the USD 1.2
trillion economy may grow at 7.5-8 per cent this fiscal as
opposed to 9 percent in 2007-08. The rate in 2008-09 would be
the weakest since 2005.
Singh plans to leverage surplus funds in the energy-rich
Gulf region for investment in infrastructure sector
"We are watching the situation on a day to day basis. I
have set up a committee under my chairmanship, backed by
committee of officials headed by the finance secretary."
Prime Minister in Oman and Qatar hard-sold India as an
investment destination promising attractive returns.
Singh said India and Oman have set up a joint investment
fund of USD 100 million that will eventually grow to USD 1.5
billion for making investments in projects in telecom,
infrastructure, tourism, health, utilities and urban
infrastructure.
After this, New Delhi was looking at a USD 5 billion
investment fund with Qatar for investment in energy, power and
fertilizer projects.
The Prime Minister's panel to address the issue of
economic slowdown includes Finance Minister P.Chidambaram,
Commerce Minister Kamal Nath and Planning Commission Deputy
Chairman Montek Singh Ahluwalia. PTI ANZ
SAK
NNNN
Onboard PM's Special Aircraft, Nov 11 (PTI) With signs of
growth slowing to its lowest rate in four years, Prime
Minister Manmohan Singh promised more steps to deal with the
global financial crisis to stablise the economy and support
the industry.
"We are watching the situation on a day to day basis...
If more is needed to stablise our economy, to deal with this
international economic crisis, will be done," Singh told
reporters on his way back from the three-day maiden visit to
the energy-rich Gulf region.
During his tour to Oman and Qatar, the Prime Minister
projected a 7-7.5 percent growth rate next year and a return
to 9 per cent rate in near future.
Yesterday, Goldman Sachs cut its forecast for India's
expansion to 6.7 percent this year from previous estimate of
7.5 percent. For next year, it projected a rate of 5.8 per
cent, lower than 6.3 percent growth projected by
International Monitory Fund (I.M.F.).
"We are committed to provide all possible support and
assistance to Indian industry and trade to ensure that Indian
economy is least affected by this crisis," Singh said.
He, however, did not say what more steps Reserve Bank of
India (R.B.I.) may take to shore up growth. "It would be wrong
on my part to speculate (on the steps)."
Reserve Bank of India had last month said the USD 1.2
trillion economy may grow at 7.5-8 per cent this fiscal as
opposed to 9 percent in 2007-08. The rate in 2008-09 would be
the weakest since 2005.
Singh plans to leverage surplus funds in the energy-rich
Gulf region for investment in infrastructure sector
"We are watching the situation on a day to day basis. I
have set up a committee under my chairmanship, backed by
committee of officials headed by the finance secretary."
Prime Minister in Oman and Qatar hard-sold India as an
investment destination promising attractive returns.
Singh said India and Oman have set up a joint investment
fund of USD 100 million that will eventually grow to USD 1.5
billion for making investments in projects in telecom,
infrastructure, tourism, health, utilities and urban
infrastructure.
After this, New Delhi was looking at a USD 5 billion
investment fund with Qatar for investment in energy, power and
fertilizer projects.
The Prime Minister's panel to address the issue of
economic slowdown includes Finance Minister P.Chidambaram,
Commerce Minister Kamal Nath and Planning Commission Deputy
Chairman Montek Singh Ahluwalia. PTI ANZ
SAK
NNNN
