PM constitutes Apex body to monitor global financial crisis
Nov 04, 2008
Source: DDI News

The Prime Minister Dr. Manmohan Singh constituted an apex group under his chairmanship to coordinate the government's response on industry's concerns in wake of the global financial crisis and its impact on India.

The group will comprise of Finance Minister P Chidambaram, Industry and Commerce Minister Kamal Nath, Planning Commission Deputy Chairman Montek Singh Ahluwalia and RBI Governor D Subbarao. An official release says the group will meet regularly to coordinate and decide the government's response to the points raised by industry time to time with regard to the current global financial crisis .The decision to constitute the group comes a day after the Prime Minister held a meeting with the industry leaders on the global crisis.

The Prime Minister has also approved a Committee of Officials chaired by Finance Secretary that will meet on a daily basis or as often required to consider the issues raised by the industry.

During his meeting with the industry leaders on Monday Dr. Singh had said that the government recognises that the situation is abnormal and there is a need for constant alert. He made it clear that the situation is being watched on a day-to-day basis and more steps will be taken if required