The Centre is likely to announce big ticket decisions to boost growth and give a fillip to economic activity that has been hit by global slowdown, Union Commerce and Industry Minister Anand Sharma said here on Thursday.
“What could be done to revive the economy is under the active consideration of the government. There have been consultations among senior secretaries of the ministries and departments concerned and also between key ministers and the Prime Minister,’’ Mr. Sharma said after a meeting with captains of industry.
There was a strong demand among industry leaders that the government should take steps to put an end to the atmosphere of uncertainty and certain decisions in various sectors should be taken to send a clear and positive signal about the intent to battle the slowdown and revive the economy.
It is also understood that industry strongly pleaded for bringing down the interest rates, massive investment in infrastructure projects, fast clearance of various projects and allowing FDI in aviation, defence and multi-brand retail.
“There is a sharp concern over the decline in industrial production, particularly in the manufacturing sector. We know that there are strong head winds and a conscious effort has to be made. I will urge the Reserve Bank of India to take an early view on the cost of credit for industry,’’ he added. Worsening economic situation has pulled down the Index of Industrial production by 1.8 per cent in June.
Mr. Sharma said that although inflationary pressure was there, but rupee depreciation of rupee also created further pressure. Acknowledging industry’s concern over land acquisition issues, Mr. Sharma said he would take up the matter at the appropriate level.