Laheri pleads for cheaper bank credit to face recession

Ahmedabad, Nov 29 (UNI) Former Gujarat Chief Secretary P K Laheri today suggested cheaper bank credit to Small and Medium enterprises to withstand the present economic recession in the country.

While delivering the lecture on ''Economic Recession, Reality and Approach'', organized by the Gujarat Chamber of Commerce and Industry (GCCI), Mr Laheri outlined a seven point programmes to provide some relief to the concerned economic sectors to face the economic recession.

The programmes included provision of cheap and timely credit to SMEs, increased loan facilities for exporters, target oriented exports, building warehouses for surplus products and measures to increase employment and competitiveness of industries.

Mr Laheri regretted the lack of required specific interaction between the government and the concerned sectors to resolve the harmful impact of recession. For this, he suggested sector wise discussion keeping in mind the overall situation.

With regard to our dream to become a super economic power into a reality, he said that it was necessary to strengthen the infrastructure and control the future trading in commodities.

However, greeting the high rate on internal savings Mr Laheri said that it will serve as a life jacket and help in protecting the country against recession.

GCCI President Rupesh Shah, in his inaugural address, said that number of industries in the state including ceramic and diamond have suffered in view of the recession. Prices of sulphuric acid, sulphur and many other industrial products have crashed.

He said that Chamber has decided to organize a series of lectures of experts for guidance and utilizing the beneficial aspects of the recession to their advantage.

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