Return
to Story Page
To print: Select File and then Print from your
browser's menu
Our Bureau
AHMEDABAD, JAN 23: The Confederation of Indian Industry (CII) will constitute a task force within a fortnight to suggest ways and means to the government to promote investment, address the problem of non-performing assets (NPAs) and rebuild investors' confidence in the capital market.
CII president Rajesh V Shah said here on Saturday that the task force would submit its report in four weeks. It is being created basically to arrive at a `broad joint action plan' by the industry on the one hand and banks and financial institutions (FIs) on the other.
Talking to newsmen, he said the idea of a task force was discussed when a CII delegation met Prime Minister Atal Behari Vajpayee on Thursday. The task force would identify sector-wise level of non-performing assets in the industry, business and banking.
He said growing NPAs had lately been a cause of concern for banks and FIs. It had hurt business too and adversely affected the investment climate. Strong deterrent actions needed to be taken against thedefaulters with a view to improving the overall investment climate, including reducing interests and lowering NPAs.
Shah said given the initiative and level-playing field, the industry could again aim to grow at 10 per cent rate per annum. He urged the government to reduce fiscal deficit, curtail expenditure, take steps to attract domestic and foreign investment and to increase the people's purchasing power.
He had a word of praise for the Centre and regulatory authorities like SEBI for having taken a number of policy decisions in the recent times. But he felt that the authorities have yet to take steps to implement the same. CII is circulating a scorecard, listing 87 actions taken by the government necessary for reforms and 64 steps yet to be taken.
During his stay in the city, he met captains of industry to discuss ways to increase competitiveness of the industry and evolve a strategy for national agenda. He will visit Baroda and Surat next.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------