The government is busy in "non-stop meetings" amidst indication by a top official that "something is coming" to deal with impact of the global financial crisis on the industry, particularly exports.
"Yes, something is coming ... non-stop meetings are going on," said a top official pointing out that the crisis in the US and the Eurozone will adversely hit the domestic industry and exports.
Industrial growth rate has decelerated and exports too are likely to come down sharply from August-September and may have to face the brunt of the global economic uncertainty aggravated by downgrade of sovereign rating of the US by Standard and Poor's. The US and Eurozone account account for about 35% of the country's total exports.
Earlier in the day talking to reporters outside Parliament, finance minister Pranab Mukherjee said, "We would focus on encouraging greater domestic consumption and give impetus to the drivers of domestic growth."
The minister also said that the government would fast track the implementation of pending reforms and keep a close eye on international developments.
The industry has already started clamouring for a stimulus package to tide over the problems following lowering of the sovereign credit rating to AA+ from AAA by Standard and Poor's.
The government had provided a stimulus of Rs 1.86 lakh crore to boost domestic demand and help the industry to tide over the global financial meltdown following collapse of America's iconic investment banker Lehman Brothers in September 2008.
Commerce secretary Rahul Khullar said that the country will not be able to sustain the high exports growth rate of 40-45% in the coming months.
"You should start seeing clear slowdown from August-September...Exports will start slowing immediately," Khullar said.
During April-June this fiscal, India's exports grew by 45.7% year-on-year to $79 billion.