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Govt assures cushion for crisis

business Updated: Nov 11, 2008 21:16 IST
Tushar Srivastava
Tushar Srivastava
Hindustan Times
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The government is committed to providing all possible support and assistance to ensure that the Indian economy is least affected by the global financial and economic crisis, Prime Minister Manmohan Singh has said.

“We are watching the situation on a day-to-day basis. I have set up a committee under my chairmanship, backed by committee of officials headed by the finance secretary. Whatever is needed to stabilise the economy would be done. We are committed to provide all possible support and assistance to Indian industry and trade to ensure that Indian economy is least affected by this crisis,” the Prime Minister said late on Monday while returning from his three-day visit to Oman and Qatar.

Asked what more steps the Reserve Bank of India may take to shore up growth, Singh said, “It would be wrong on my part to speculate,” Singh said.

“The global economy is characterised by a state of crisis. There are opportunities for us to work together to promote economy, trade and investment cooperation,” the PM said. Talking about his talks his talks with leaders of Oman, Singh said, “The time is ripe to broaden our relations with Oman. The climate of opinion is highly favourable.”

The PM described the the $100 million India-Oman Joint Investment Fund as a “giant” investment fund, which would act as a major vehicle for generalising investment from Oman to India. The agreement – the first such bilateral financial agreement entered into by India – will help finance key projects, tourism, health, telecom and urban infrastructure in both the countries.