Staff Reporter

‘Only 22 per cent dependent on exports’

Banks scared to give loans, says expert

Management convention inaugurated

Thrissur: Indian economy is in a much better shape than the world economy, the All India Management Association (AIMA) president Srinivasan K. Swamy has said.

Interacting with the media persons here on Friday he said only 22 per cent of the country’s economy was dependent on export, so the domestic market was in a position to contribute to the country’s economy.

The much publicised negative reports about global recession has affected the country’s confidence, he said. It had hit all sectors of the economy.

“The banks are scared to give loans. We need some booster dose to uplift the morale of the economy,” he said.

He pointed out that in Singapore, the government guaranteed 80 per cent of the bank loans.

“When we talk about job cuts and related problems, we are referring to hardly 7 per cent of our work force in the organized sector. We must realise that the large majority of our workers are in unorganised sectors,” he pointed out.

Mr. Swamy inaugurated the 18th management convention of the Trichur Management Association (TMA) here.

The theme of this years convention was ‘Creating enduring values, success mantras.’ A seminar and discussion session would be held on the topic, the organizers said.

Annual Management Awards - 2008 of the TMA were distributed at the function.

The chairman of Sitaram Group T.B. Subbarama Ayyar received Life Time Achievement Award and director of Cholayil Medimix Group A.V.Anoop got the Management Excellent Award. Outstanding Management Student Award was presented to P.C. Nikhila.

TMA president K. Santhakumar, senior vice-president T.S. Anatharaman, secretary N.I. Verghese, treasurer V.S. Sreenivasan and others spoke.