As Prime Minister Manmohan Singh assured on Friday that his government will leave ?no instrument of public policy? untouched in its efforts to maintain the country?s growth momentum, his top economic crisis managers are shifting their focus from macro-economic measures to micro-management. For starters, branch managers of banks will be asked to explain if credit delivery to trade and industry slips. The government has injected massive liquidity into the banking system in recent weeks, but credit delivery to business is yet to pick up.

In its recommendations that would be crystallised into an economic stimulus package next week, the crisis committee set up by the Prime Minister to soften the impact of the global financial crisis has mooted a slew of micro-measures to boost exports, prevent cheap imports and stem job losses in job-intensive sectors. The Centre expects exports growth to drop to 10% in 2008-09 from 30% last fiscal, which means India may fall short of this year?s $200 billion export target by $20 billion.

?Incentivising lending is the slogan that we are going to push now in the financial sector. We will try to see that maximum credit is made available,? commerce secretary GK Pillai said, hinting that the panel is working out a mechanism with the financial services department and banks to ensure availability of credit to all sectors.

?We are getting complaints from several exporters and other businessmen that some branch managers of banks are not very helpful. The circulars issued by the Reserve Bank of India take two-three weeks before it percolates down to the branch managers. What is required for speedy credit delivery is micro-management,? Pillai said.

?Instructions will be given to all the bank chiefs to monitor the credit delivery of all their branches and make a comparative assessment on their current lending vis-?-vis the previous years. If there is a slowdown in the lending made, each branch manager will have to give a detailed account stating the reasons for the same. They will also find out areas where they can raise credit limits. They will also have to give statements on how many requests they have received for raising credit limits and what they did with each one of them,? the commerce secretary said.

The government is also upping the ante on cheap Chinese goods being dumped into India and will accelerate the imposition of anti-dumping duties and hike tariffs and customs duties. This month, eight anti-dumping cases have been initiated and six more cases would be filed next week. Imports of key steel products and automobile components would also be restricted to protect the domestic industry.

As relief measures for exporters, the Centre would re-introduce the interest subsidy scheme, increase duty drawback & duty entitlement passbook rates, refund service tax and grant tax deductions to companies giving more jobs. A common set of incentives for labour-intensive export sectors like textiles, leather, handicrafts and marine is also on the cards. There will be some relief for specific sectors?like easing gold import norms for the gems & jewellery sector, lifting the ban on wheat exports to boost agri-exports and lowering the minimum export price for the basmati rice.

The government will pump in more funds for market access assistance to exporters by extending post-shipment credit period to 270 days from 90 days. It will also convene a meeting of all chief ministers of states before December 15 to ensure faster refunds of VAT, other state and local level taxes to exporters.

The government is also undertaking a nationwide survey of over 800 companies to find out the extent of job losses in the real economy. First reports from the textile ministry warn of 5 lakh job losses in the next five months alone.

For industry

• To check credit delivery by each branch manager of banks

•Speed up imposition of anti-dumping duties, raise tariffs

•Restrict import of key steel items and automobile components

•Nationwide survey of over 800 companies to gauge job losses

•CMs to meet before Dec 15 to ensure VAT refund to exporters

For exporters

•To re-introduce interest subsidy scheme, raise DEPB & duty drawback rates

•Refund service tax, grant tax sops to job-giving firms, sops for labour-intensive sectors

•Ease gold import norms for the gems & jewellery sector; more funds for market-access aid

•To lift ban on wheat exports; to cut export price of basmati