Excellent Hair Fall Treatment
Search: Look for:   Last 1 Month   Last 6 Months   All time

Cost of credit must be brought down: Anand Sharma

New Delhi, Sat, 11 Feb 2012 ANI

New Delhi, Feb 11 (ANI): Asserting that the country needed investment in the manufacturing sector, Union Commerce Minister Anand Sharma has said the cost of credit must be brought down as soon as possible.

 

Talking to reporters here, Sharma said the cost of credit was an impediment to the country's export growth and tackling the situation was the need of the hour.

 

"It has been low for the last four months and we have taken review meetings. What is important is that there has to be investment in manufacturing, if that does not happen, there will be a pressure on India's growth," he added.

 

"W have been urging the Reserve Bank of India (RBI) and I have discussed this with the Prime Minister and Finance Minister that the cost of credit to the industry should be brought down and the RBI should consider a differential rate of credit for the industry," Sharma said.

 

He further asserted that the government has decided to have a differential rate of credit, so that the situation improves in the coming days.

 

Recently, the government reported a 25.8 percent growth in exports for April-December 2011.

 

India's industrial growth faced a steep fall in December, mounting pressure on the RBI to cut interest rates.

 

Index of Industrial Production (IIP) rose 1.8 percent, below the 5.9 percent rise in November

 

"Money is not invested in manufacturing, it has a social dimension on job creation also. So we, as a government, have taken a considered view to have a differential rate of credit for the SME sector, which stands notified. You also have to look at besides the numbers at the managerial index, that's the PMI, the PMI numbers are looking healthy. So, in the coming months, you will see that there will be a positive improvement," Sharma said (ANI)

 


LATEST IMAGES
Bharat Ratna M.S. Subbulakshmi meeting the PM Modi
PM Modi inaugurating the new plants of Amar Dairy
PM Modi being welcomed in public meeting, at Dabhoi
PM Narendra Modi at the Sardar Sarovar Dam
PM Modi dedicates the Sardar Sarovar Dam to the nation

Rodarte sisters go deep into the woods for film debut 'Woodshock'
September 23, 2017 at 5:30 AM

Uber looks to Londoners after city strips license
September 23, 2017 at 4:32 AM

All the Hollywood news
September 23, 2017 at 4:07 AM

London strips Uber of license
September 23, 2017 at 3:47 AM

Frantic search for survivors in Mexico
September 23, 2017 at 3:03 AM

First Lady Melania Trump gardens at the White House
September 23, 2017 at 2:31 AM

View More Videos
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image
 
 

Comments:


 

OTHER TOP STORIES


Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.