Govt to focus on recession hit sectors says President Pratibha Patil

Presenting the agenda of the second UPA government at the joint session of Parliament, Patil said the new regime will develop a roadmap for listing public sector units, co-ordinate with other countries to bring back illegal money stashed in secret bank accounts, recapitalise public sector banks, and bring in the pension reforms bill.

"The current financial year is expected to see a slowing down of growth on account of the global recession... Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies," she added.

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The new Government, the President said, will focus on sectors like small and medium enterprises (SMEs), exports, textiles, commercial vehicles, infrastructure and housing as they are adversely hit by the global financial meltdown.

The UPA government, the President, said will enact the National Food Security Act to provide 25 kg of rice or wheat at Rs three a kg per month to families below the poverty line, a promise made in the Congress election manifesto.

"This legislation will also be used to bring about broader systemic reforms in the public distribution system," she said.

The immediate priority of the government, Patil said, must be to focus on managing the economy to counter the effect of the global slowdown through a combination of sectoral and macro-level policies.

The efforts, she added, should be accompanied by an expansion of public investment in infrastructure sectors, besides encouraging public-private partnerships.

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"Financing the investment will be a critical constraint and my government is determined to ensure that innovative steps are taken in this area, consistent with medium term strategy of prudent fiscal management," the President said.

with - extracts from econnomictimes