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Govt forms panel on impact of global crisis on India

business Updated: Nov 07, 2008 22:26 IST

The Government has constituted a committee to consider issues raised by India Inc on global financial crisis and its impact on India.

"Prime Minister has approved constitution of a committee of officers to be chaired and convened by Finance Secretary to consider issues raised by industry with regard to the current global financial situation and its impact on India," an official release said here.

Trade and industry may send their suggestions to the committee, which will have its secretariat at the North Block, the release added.

Besides Finance Secretary Arun Ramanathan, the committee will have Commerce Secretary G K Pillai, DIPP Secretary Ajay Shanker and Planning Commission Secretary Subhash Pani as members.

Earlier this week, Prime Minister Manmohan Singh had interacted with the captains of Indian industry on impact of global financial crisis on India.

"A crisis of this magnitude was bound to affect our economy and it has. International credit has shrunk with adverse effects on our corporates and banks. Global uncertainty is also tending to dampen investor sentiment," the Prime Minister had said at the meeting.

He asked industry to refrain from any "knee-jerk" reaction such as large-scale layoffs, which might lead to a negative spiral.

"Industry must bear in mind its societal obligations in coping with the effects of this global crisis," which the Prime Minister felt "is now likely to be more severe and prolonged," he had said.

Earlier, a separate committee was set up, headed by the Prime Minister, to coordinate the government's response on industry's concerns in the wake of the global financial crisis.