'Your bank deposits will be safe amidst global crisis'
New
Delhi,
Nov
3:
Admitting
that
the
present
global
economic
crisis
is
bound
to
affect
the
Indian
economy
and
has
done
so,
Prime
Minister
Manmohan
Singh
on
Monday,
Nov
3
said
that
the
government
is
behind
the
banking
system
and
no
one
should
fear
about
safety
of
the
bank
deposits.
He
also
said
more
steps
would
be
taken
to
protect
growth.
"We
have
successfully
conveyed
to
our
people
that
our
banking
system,
both
in
public
and
private
sector
is
safe
and
the
government
stands
behind
it
and
that
no
one
should
fear
for
the
safety
of
banking
deposits",
Manmohan
Singh
told
industry
leaders.
"Government
will
take
all
necessary
monetary
and
fiscal
policy
measures
on
the
domestic
front
to
protect
our
growth
rates," he
said,
adding
that
India
would
seek
reform
of
the
international
financial
institutions
for
improved
regulation
and
supervision
to
prevent
recurrence
of
such
a
crisis.
He asked the industry to act in a 'true spirit of partnership' with the government to meet the challenges that lie ahead. Singh further said the inflationary process is showing signs of 'definite abatement.' The Prime Minister was meeting with leaders of India Inc to discuss the state of economy in the backdrop of global financial crisis.
Mukesh Ambani, Anand Mahindra, K V Kamath, Sunil Bharti Mittal, Deepak Parikh, Shashi Ruia, K P Singh and Rajkumar Dhoot were among those who attended the meeting on Saturday, Nov 1.
Besides, CII's Kamath, FICCI President Rajeev Chandrasekhar and Assocham chief Sajjan Jindal represented their chambers and urged the Prime Minister to give direction for enhancing liquidity in the system and restore confidence by lowering the interest rates.
Finance minister P Chidambaram, deputy chairman of Planning Commission Montek Singh Ahluwalia and RBI Governor D Subbarao were with the Prime Minister for the interaction with the industry to explore options for pushing the economic growth in difficult times.
Senior government officials, including Chairman of Prime Minister's Economic Advisory Council Suresh Tendulkar and Economic Affairs Secretary Ashok Chawla were among those who attended the meeting.
OneIndia News