Government considers allowing industry greater access to foreign funds: Chawla

New Delhi, Sept 22 : Economic Affairs Secretary Ashok Chawla on Monday said the government is considering steps such as allowing the industry greater access to foreign funds.

Chawla said the unfolding global situation calls for vigilance on the part of the government and all the regulatory agencies.

However, the Economic Affairs Secretary did not agree that the sources of External Commercial Borrowings (ECB) were drying up because of the turbulent environment in the big economies.

He also said that there was very little scope for the government to maneuver domestic interest rates.

Chawla's statement comes in the backdrop of sub-prime crisis in the US financial market.

ANI