New Delhi, Nov 21 (UNI) Commerce Secretary G K Pillai today said a high-powered committee, set up to examine the impact of global financial crisis on the Indian economy, will submit its recommendations by the end of next week.
''The committee will submit its recommendations by the end of next week and the decision (bailout package) will be taken soon,'' Mr Pillai told reporters here on the sidelines of an industry event, organised by FICCI.
Prime Minister Manmohan Singh's high-powered committee, which include Finance Minister, Commerce and Industry Minister and Planning Commission Deputy Chairman, was set up to handle the impact of global crisis on India and recommend various measures to bail out industry, especially exporters that have been hit by the slowdown in Western markets.
Mr Pillai said the impact of the global meltdown has been seen on the Indian economy in late September and October, adding that it will feel the impact of this financial crisis for at least next six months.
''The government has taken many steps to infuse the liquidity into the system...and some more measures will be taken, if needed,'' the Secretary said.
He said the export during October this year stood at 12.8 billion dollars against 14.6 billion dollars during the corresponding period a year ago, thereby posting a 12.32 per cent fall.
Mr Pillai said the labour-intensive sectors such handicrafts, gems and jewellery and textiles.
During April-October this year, the exports has registered a growth of 21.2 per cent against a target of 25 per cent.
''By the end of December, the government will review its export target of 200 billion dollars for 2008-09,'' he said.
Seeing the current trends, he said exports as well as imports will slow down.
When asked how many jobs have been cut in the industry, the Secretary said a survey has been started and a sample survey would be released by next week, containing about 800 companies.
Textile sector could shed 5,00,000 jobs in the next five months, Mr Pillai said, quoting textile ministry estimates.
UNI SBA MP RK1833