Govt sets up top body to handle impact of global financial crisis

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New Delhi, Nov 04 (UNI) A day after an interactive session with top honchos of industry to get their feedback on tackling the impact of global financial crisis on the country, Prime Minister Manmohan Singh today set up an apex group headed by him to coordinate government's response to various issues raised by industry from time to time.

Ministers of Finance, Commerce and Industry, Deputy Chairman of Planning Commission and Reserve Bank Governor will be members of the top body, an official statement said this evening.

The apex group will meet regularly to coordinate and decide government's response to points raised by industry from time to time with regard to the current global financial crisis and its impact on India, the statement added.

Industry has been demanding cut in interest rate, relaxing norms for external commercial borrowing, and more government expenditure on infrastructure to tide over the crisis which has hit hard various sectors of the economy.

The Prime Minister has also approved a committee of officers headed by Finance Secretary that will meet daily or as often as required to consider issues Raised by Industry. Commerce Secretary, Secretary of Department of Policy and Promotion, Secretary of Planning Commission will be members of the committee, the statement said, adding Joint Secretary(banking) will be government's contact person to get industry's suggestions.

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