All necessary steps will be taken to protect growth rate: PM

New Delhi, Nov 3 : Prime Minister Dr. Manmohan Singh on Monday said the government will take all necessary monetary and fiscal steps to protect the growth rate in the wake of global economic meltdown.

While addressing the captains of Industry in New Delhi, Dr. Singh said, the first priority of the government is to protect the country's financial system from the possible loss of confidence due to the ongoing global economic crisis.

Dr. Singh also said a constant vigil needs to be maintained on the evolving situation as the crisis has affected the Indian economy as well.

He assured that the government stands behind the banks and no one should fear for the safety of their deposits and that more measures are being taken for additional liquidity to help provide credit at reasonable rates in the system.

Industry leaders Ratan Tata, Anand Mahindra, Mukesh Ambani, Anil Ambani, Sunil Bharti Mittal, Shashi Ruia, K. P. Singh and Naresh Goyal attended the meeting today.

Presidents of the three apex chambers - Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI) and Associated Chambers of Commerce and Industry of India (Assocham) - also participated in the meeting.

ANI