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High-level committee reviews impact of global turmoil

business Updated: Dec 22, 2008 21:21 IST

A high-level committee of the financial sector headed by RBI Governor D Subbarao on Monday reviewed measures taken by the apex bank and the government to combat the impact of the global credit crisis on India and deliberated on the steps to be taken to arrest the slowdown.

"The HLCCFM (High-Level Coordination Committee on Financial Markets) reviewed the impact of the global financial turmoil on the Indian financial sector, the developments in the domestic financial market and the action taken to address the emerging issues," the Reserve Bank said in a release.

The committee also reviewed the steps that may be taken to deal with the slowdown.

Among others, the meeting, held in New Delhi, was attended by Finance Secretary Arun Ramanathan, Economic Affairs Secretary Ashok Chawala, SEBI Chairman C B Bhave, IRDA chairman J Hari Narayan and PFRDA Chairman D Swarup.

The meeting of finance ministry officials and financial sector regulator comes within days of RBI Governor Subbarao, Finance Secretary Ramanathan and former RBI Governor C Rangarajan meeting Prime Minister Manmohan Singh to discuss the impact of global situation on the country's economy.

The meeting assumes importance in view of the indications that government may come out with a second stimulus package to boost the economy which has started showing signs of slowdown.

Despite RBI injecting Rs 3 lakh crore of liquidity in the system, the industrial growth and exports witnessed negative growth during October. The industrial production declined by 0.4 per cent, while exports fell by over 12 per cent during the month.