Banks, industry must work together: Sharma
- BJP tears into UPA govt on 4th anniversary, says it lacks leadership
- Madras High Court issues notice to BCCI, Sports Minister over IPL spot-fixing
- Jessica Lal murder: Actor Shayan Munshi, ballistic expert Manocha to face perjury trial
- India seeks access from US to 26/11 terror convicts Headley, Rana
- Govt further cuts import tariff value of gold
Union Commerce Minister Anand Sharma said on Wednesday that industrialists and banks should engage in meaningful dialogue to facilitate investment and growth. The minister also asked banks to lend to small entrepreneurs, artisans and weavers at affordable rates.
Speaking at the FE Best Banks Awards, Sharma said: "Economic activity is not an option but a priority... 2012 has been a terrible year, both globally and domestically, possibly more challenging than 2008, and the recovery is also more difficult." He observed that if economic activity was not re-energised, there would be social repercussions. While pointing out that the fundamentals of the Indian economy remained strong, he said there was fear, mistrust and suspicion.
India should focus on its strengths, he said. "The high savings rate should be channeled into investments."
The minister said the share of manufacturing in GDP should increase to 25 per cent by the turn of the decade, adding that the government has established integrated manufacturing zones to facilitate investments through a single window.
On the union budget, Sharma said the finance minister would have to strike a balance between growth and fiscal discipline. "We must not inhibit investments and job creation. India has no option but to go back to the high growth trajectory of 9 per cent," he said.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow