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PM meets Investment Commission members

business Updated: Dec 12, 2008 18:54 IST
PM meets Investment Commission members

Prime Minister Manmohan Singh on Friday held a meeting with members of the Investment Commission including Ratan Tata and Deepak Parekh, in the backdrop of falling exports and industrial output.

Although India's financial system has so far remained unscathed by the global financial turmoil, waning demand for goods from two of the worst-hit economies, the US and Europe, has eroded exports - in turn stifling manufacturing output.

Besides Tata Group Chairman Tata and HDFC Ltd chief Parekh, another member of the Commission Ashok Ganguly was among those who met Singh at his Race Course Road residence, a source in the Prime Minister's Office said.

Details of the deliberations were not known immediately.

India's industrial production fell 0.4 per cent in October -- the first decline in over a decade. Exports too have fallen over 12 per cent in October. Manufacturing activity is expected to pick up during December, which is when the government announced a stimulus package that among other things included a four per cent excise cut (barring petroleum goods).

The Prime Minister had in November convened a meeting with top businessmen to understand the impact of the global slowdown on the industry.

In July, the Tata-led Commission had submitted a report on boosting investments and had identified energy, textile and garments, automobile, food and agro-processing as thrust areas, besides recommending fiscal sops for promoting investments in IT.

Manufacturers, including vehicle and steel makers, have since announced production cuts to overcome the effects of the slowdown.