Govt assures cushion for crisis

The Govt is committed to providing all possible support to ensure that the Indian economy is least affected by the global financial crisis, Manmohan Singh said. Tushar Srivastava reports.

The government is committed to providing all possible support and assistance to ensure that the Indian economy is least affected by the global financial and economic crisis, Prime Minister Manmohan Singh has said.

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“We are watching the situation on a day-to-day basis. I have set up a committee under my chairmanship, backed by committee of officials headed by the finance secretary. Whatever is needed to stabilise the economy would be done. We are committed to provide all possible support and assistance to Indian industry and trade to ensure that Indian economy is least affected by this crisis,” the Prime Minister said late on Monday while returning from his three-day visit to Oman and Qatar.

Asked what more steps the Reserve Bank of India may take to shore up growth, Singh said, “It would be wrong on my part to speculate,” Singh said.

“The global economy is characterised by a state of crisis. There are opportunities for us to work together to promote economy, trade and investment cooperation,” the PM said. Talking about his talks his talks with leaders of Oman, Singh said, “The time is ripe to broaden our relations with Oman. The climate of opinion is highly favourable.”