Cabinet Secretary K M Chandrasekhar today reviewed the state of the Indian economy and progress of the stimulus measures announced by the government to limit the impact of the global downturn on industrial production and jobs.
In a meeting with the secretaries of key economic ministries and departments, including commerce, financial services and micro, small and medium enterprises, Chandrasekhar assessed the extent to which banks have reduced lending rates, especially for those affected the most by the economic slowdown.
"Progress and issues related to implementation of various measures were discussed. The meeting also took note of the bankers reducing lending rates," a senior official said.
Both the Reserve Bank and the government had taken steps to ensure that industries and exporters impacted by the world economic crisis were able to meet their financial needs.
The government had unveiled two stimulus packages in December and January, announcing an across-the-board 4% excise duty cut, giving a boost to infrastructure funding and extending tax refunds to exporters who have been reporting large-scale lay-offs.
The country's industrial production has been contracting since December. For April-February 2008-09, growth was merely 2.8%.
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