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Updated: February 21, 2013 12:58 IST

Credible action needed to meet economic challenges: PM

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We are looking forward for a very productive, constructive session of Parliament, Prime Minister Manmohan Singh said on Thursday. File Photo: Rajeev Bhatt
The Hindu We are looking forward for a very productive, constructive session of Parliament, Prime Minister Manmohan Singh said on Thursday. File Photo: Rajeev Bhatt

Seeking cooperation of all sections ahead of Parliament session, Prime Minister Manmohan Singh on Thursday said “credible action” is needed from all to ensure that the country is least affected by the “formidable challenges” posed by the global economic slowdown.

Mr. Singh said Parliament was meeting against the backdrop of global slowdown of economic activity which has also affected the country.

“It is now a challenge for all of us to take credible action to ensure that we are least affected by this global slowdown,” he said ahead of the start of the Budget Session.

“In this context, the way we conduct the financial business now before Parliament will be a crucial determinant of our country’s ability to cope with the formidable challenges our country faces,” Mr. Singh said.

The Prime Minister said he looked forward to cooperation of all sections of the House. His remarks came against the backdrop of Opposition parties preparing to target the government on chopper scam, price rise, crimes against women and a host of other issues.

“On our part, we wish to engage constructively, productively with all sections of the House in the expectation that there would be responsible dialogue, debate among members of Parliament,” he said.

“We are looking forward for a very productive, constructive session of Parliament. That is what our country’s people expect Parliament to do,” Mr. Singh said.

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The management of Indian economy, as exhibited by policy prescriptions
of govt of India and RBI are excellent, and could beat the policy
makers of western world. The major constraint is the implementation.
while RBI prescribed certain relaxations to corporate sector, such as
hand holding operation, restructuring etc, the implementation of the
policy often turned out to be bureaucratic, often to avoid impairment
on the eve of statutory audit, thereby defeating the purpose of the
policy prescription. The country, since early 90's observed powerful
decisions , which could insulate the Indian economy from global
slowdown, the implementing authorities could not internalize the
objective and utilized the decisions only to camouflage the books of
accounts.What is needed is to introduce (as has already been conceived
by RBI)special advisory service , under the aegis of RBI/Govt. who
would examine individual cases and coordinate with banks to ensure
that the policies are effectively utilised

from:  B.K.Bagchi
Posted on: Feb 21, 2013 at 12:37 IST
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