RBI to set up task force for diamond industry in Gujarat
Committed to minimise stress on various sectors of the economy due to the global slowdown, the Reserve Bank decided to constitute a task force to look into the plight of diamond industry in Gujarat.india Updated: Feb 12, 2009 18:28 IST
Committed to minimise stress on various sectors of the economy due to the global slowdown, the Reserve Bank on Thursday decided to constitute a task force to look into the plight of diamond industry in Gujarat.
"A task force will be constituted, consisting of the representatives of the state (Gujarat) government, the state- level bankers committee convener and other bankers to look into the distress arising on account of problems faced by the diamond industry," RBI said in a statement here after a meeting of its Central Board in Ahmedabad.
The apex bank added that the task force will make practicable recommendations for mitigating the difficulties.
"The Reserve Bank will be the convener of the task force which will submit its report not later than February 28, 2009," the statement added.
The central bank added, it will endeavour to minimise the stress on various sectors of the economy on account of the global financial crisis and slowdown.
"The policy objective is to ensure adequate availability of liquidity in the system and maintain conditions conducive for flow of credit for all productive purposes, particularly to housing, export and small and medium industry sectors.
Prior to the meeting, RBI Governor D Subbarao met Gujarat Chief Minister Narendra Modi.