NEW DELHI: The government, which is facing criticism from the opposition over the country's Davandol economic health, is now gearing up to work out an action plan to deal with it. At the same time, Finance Minister Nirmala Sitharaman held a meeting with top officials to discuss ways to bring growth back on track. Speaking at the meeting, ASSOCHAM Chairman B K Goenka said that there is an urgent need to address the current slowdown in the global and domestic markets.
"The economy needs an important intervention to introduce a stimulus package. We have suggested for a package of more than one lakh crore rupees. After a three-hour-long meeting, India Inc. also said that the government has assured that action will be taken soon to revive the industry and push forward economic growth.
Sitharaman and the ministry officials met the heads of industry to discuss the issues of the economy and accelerate industrial growth. Piramal Enterprises Chief Ajay Piramal said the industry raised a number of issues such as banks not wanting to lend to the industry. "It is not that there was a cash crunch in the banks, but there was no borrowing. As far as the NbFC sector is concerned, there is tension in the economy. The retrenchment by companies has become an important issue due to the slowdown over the past several days.
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