Indian Leaders reacts to global meltdown
Government on Thursday announced an incentive package of Rs. 325 crore to boost export oriented leather and textile sectors. These sectors are worst hit by the global economic meltdown.Commerce Minister Mr Kamal Nath said that government has set an export target of 200 billion US dollars in 2009-10. Reduction of slab for premier trading houses to Rs. 7,500 crore from Rs 10,000 crore, removal of import restriction on worked corals to address the gems and jewellery exporters were some other measures announced to give push to country's exports.
The government today expressed confidence that RBI may ease money supply further, while saying it may return to fiscal discipline by 2011 only if developed economies manage to shrug off the economic crisis.
The widening fiscal deficit resulting due to three stimulus packages since December has begun putting pressure on India's sovereign rating, which determines foreign lenders' confidence in the economy.
Replying to the debate on interim Budget in Rajya Sabha, Finance Minister Pranab Mukherjee said the government will revert to fiscal consolidation by 2011 provided developed nations pulled out of the crisis.
"I am fully concerned that increased public spending may put pressure on government's borrowing programme and overall credit off-take in the economy," he said.
Due to the global economic slowdown, around five lakh jobs may have been lost in the textile sector, the Government admitted today, but hoped that the situation will improve by monsoon."Five lakh people may have lost jobs because of the economic slowdown," Minister for Textiles Shankersinh Vaghela said during the Question Hour in Rajya Sabha.
However, he said, "By monsoon this year, the scenario should improve considerably." In reply to another supplementary, the Minister said to encourage investment in the textile sector, government had launched a Technology Upgradation Fund Scheme (TUFS) in 1999. Under this, the total project cost sanctioned between 2004-05 and 2008-09 was Rs 1,20,916 crore.Vaghela said the Scheme for Integrated Textile Park (SITP) was launched in 2005 aimed at modernising the textile industry and making it internationally competitive.
Under SITP from 2004-05 to 2008-09, the total project cost was Rs 4,203 crore, out of which the government's share was Rs 1,438 crore.
"As per the report of the Working Group on Textile and Jute Industry for the 11th Five Year Plan, the export market size of textile industry will be USD 115 billion during the terminal year of the 11th Plan, that is, 2011-12," the Minister said.
Prime Minister Manmohan Singh today expressed confidence that India would emerge the least affected country of the world from the current global economic meltdown.
"Today we are addressing the global downturn with the same resolve and imagination. Let me assure this House that India would emerge the least affected among the countries of the world from the current economic crisis," he said.
Prime Minister's statement in the Lok Sabha on the last day of its term was read out by External Affairs Minister Pranab Mukherjee, who is the Leader of the House.
Singh, who is recuperating after a cardiac bypass surgery, expressed his sincere apologies for not being able to participate in this last session.Noting that the country faced some of its best times during the last five years, he said it became the second fastest growing economy in the world."It also witnessed some very challenging times when the global rise in oil prices led to a spiral of price rise in commodities, resulting in higher inflation which we brought under control through prudent economic policies," he said.Besides, he said, the country's foreign policy was steered in a manner that succeeded in ending its nuclear isolation and creating unprecedented global opportunities for it.
In another media reports 20,000 Indians have returned home after losing their jobs overseas due to the global economic crisis, the government said today.Though the exact number of people who have returned is not available, there are reports which indicate that between 16,000 to 20,000 Indians have come back here after the economic slowdown, Overseas Indian Affairs Minister Vyalar Ravi told the Rajya Sabha during Question Hour.
To a supplementary, the Minister said that the number of incidents of overseas employers keeping passport of Indian employees have come down by 50 per cent. But he did not provide the period when this reduction has been witnessed.
He said the government is aware that some employers keep the employees' visas with themselves and do not renew these in time, rendering them illegal immigrants. The government is holding talks with foreign countries on the issue.The UAE has issued direction to employers not to keep visa of their employees, he added.The Minister also said there is a need to make changes in the Immigration Act, which was last amended in 1983.On the issue of migrant workers, he said the government has taken a number of initiatives, including signing of bilateral agreements to protect their interests.Asked how many Indians are in jails abroad, he said the government does not have the figure, but it is very vigilant and would collect the information.
Chidambaran said on priority the development of infrastructure in extremist-hit states and tough terrain, the govt on Thursday approved Rs 7,300-crore projects for the construction of roads of 7,441 km in eight of them."You are aware there are 33 districts in eight states, which have been identified (as left-wing extremist affected areas). A comprehensive road development programme in these districts have been drawn up," Home Minister P Chidambaram said, briefing reporters of CCEA decisions at New Delhi on Thursday."(The) Planning Commission has been requested to make as much funds available as possible in 2009-10," Chidambaram said elaborating, roads involved 1,320 km of National Highways, 4,560 km of state highways and district roads, and 1,591 km of rural roads.
The government today expressed confidence that RBI may ease money supply further, while saying it may return to fiscal discipline by 2011 only if developed economies manage to shrug off the economic crisis.
The widening fiscal deficit resulting due to three stimulus packages since December has begun putting pressure on India's sovereign rating, which determines foreign lenders' confidence in the economy.
Replying to the debate on interim Budget in Rajya Sabha, Finance Minister Pranab Mukherjee said the government will revert to fiscal consolidation by 2011 provided developed nations pulled out of the crisis.
"I am fully concerned that increased public spending may put pressure on government's borrowing programme and overall credit off-take in the economy," he said.
Due to the global economic slowdown, around five lakh jobs may have been lost in the textile sector, the Government admitted today, but hoped that the situation will improve by monsoon."Five lakh people may have lost jobs because of the economic slowdown," Minister for Textiles Shankersinh Vaghela said during the Question Hour in Rajya Sabha.
However, he said, "By monsoon this year, the scenario should improve considerably." In reply to another supplementary, the Minister said to encourage investment in the textile sector, government had launched a Technology Upgradation Fund Scheme (TUFS) in 1999. Under this, the total project cost sanctioned between 2004-05 and 2008-09 was Rs 1,20,916 crore.Vaghela said the Scheme for Integrated Textile Park (SITP) was launched in 2005 aimed at modernising the textile industry and making it internationally competitive.
Under SITP from 2004-05 to 2008-09, the total project cost was Rs 4,203 crore, out of which the government's share was Rs 1,438 crore.
"As per the report of the Working Group on Textile and Jute Industry for the 11th Five Year Plan, the export market size of textile industry will be USD 115 billion during the terminal year of the 11th Plan, that is, 2011-12," the Minister said.
Prime Minister Manmohan Singh today expressed confidence that India would emerge the least affected country of the world from the current global economic meltdown.
"Today we are addressing the global downturn with the same resolve and imagination. Let me assure this House that India would emerge the least affected among the countries of the world from the current economic crisis," he said.
Prime Minister's statement in the Lok Sabha on the last day of its term was read out by External Affairs Minister Pranab Mukherjee, who is the Leader of the House.
Singh, who is recuperating after a cardiac bypass surgery, expressed his sincere apologies for not being able to participate in this last session.Noting that the country faced some of its best times during the last five years, he said it became the second fastest growing economy in the world."It also witnessed some very challenging times when the global rise in oil prices led to a spiral of price rise in commodities, resulting in higher inflation which we brought under control through prudent economic policies," he said.Besides, he said, the country's foreign policy was steered in a manner that succeeded in ending its nuclear isolation and creating unprecedented global opportunities for it.
In another media reports 20,000 Indians have returned home after losing their jobs overseas due to the global economic crisis, the government said today.Though the exact number of people who have returned is not available, there are reports which indicate that between 16,000 to 20,000 Indians have come back here after the economic slowdown, Overseas Indian Affairs Minister Vyalar Ravi told the Rajya Sabha during Question Hour.
To a supplementary, the Minister said that the number of incidents of overseas employers keeping passport of Indian employees have come down by 50 per cent. But he did not provide the period when this reduction has been witnessed.
He said the government is aware that some employers keep the employees' visas with themselves and do not renew these in time, rendering them illegal immigrants. The government is holding talks with foreign countries on the issue.The UAE has issued direction to employers not to keep visa of their employees, he added.The Minister also said there is a need to make changes in the Immigration Act, which was last amended in 1983.On the issue of migrant workers, he said the government has taken a number of initiatives, including signing of bilateral agreements to protect their interests.Asked how many Indians are in jails abroad, he said the government does not have the figure, but it is very vigilant and would collect the information.
Chidambaran said on priority the development of infrastructure in extremist-hit states and tough terrain, the govt on Thursday approved Rs 7,300-crore projects for the construction of roads of 7,441 km in eight of them."You are aware there are 33 districts in eight states, which have been identified (as left-wing extremist affected areas). A comprehensive road development programme in these districts have been drawn up," Home Minister P Chidambaram said, briefing reporters of CCEA decisions at New Delhi on Thursday."(The) Planning Commission has been requested to make as much funds available as possible in 2009-10," Chidambaram said elaborating, roads involved 1,320 km of National Highways, 4,560 km of state highways and district roads, and 1,591 km of rural roads.
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