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.

Also Read :
-Indian Elections Updates
-BRIC countries stabilising world economy
-Highest paid CEO's of world
-America's Top 20 CEO's ever list
-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession


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.

Also Read :
-Indian Elections Updates
-BRIC countries stabilising world economy
-Highest paid CEO's of world
-America's Top 20 CEO's ever list
-How Infosys managed to increase YoY profit
-Effect of Recession on Indian Economy
-Economies hit by recession


"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

Indian Government gives green signal to 34 FDI proposals

The government has cleared 34 Foreign Direct Investment (FDI) proposals worth about Rs 1,615 crore of firms like Mahindra and Mahindra, Sumitomo Corporation, and Barwah International from Qatar.

The largest investment proposals are in urban development, by HBS Realtors Mumbai, which intends to invest Rs 300 crore to convert the operating company into a operating-cum-holding company and Qatar-based Barwa International, which would invest Rs 400 crore.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started

Besides, Sumitomo Corporation from Japan would invest Rs 160 crore, but its proposal would be subject to norms laid down in Press Note one, the government said.

Meanwhile, another proposal from Universal Biofuels for an investment of Rs 200 crore was cleared, and it would incorporate and make downstream investment
in subsidiaries and also issue and allot equity.

posted under - Indian economy updates, economy of india, indian govt steps, indian economy blog, economy of india, indian FDI updates.