In a meeting of Indian Industry presided over by the Prime Minister, FICCI welcomed the government?s proposal to track the developments in the Indian economy and maintain a constant link with Indian Industry. RBI governor D Subbarao was also present.

Rajeev Chandrasekhar, MP and president FICCI, felt that the government, Reserve Bank of India (RBI) and Indian industry have achieved a kind of consensus on the gravity of the evolving situation and the need to actively respond and to bring back growth as the central agenda. Chandrasekhar participated in today’s government-industry deliberations called by the Prime Minister. Chandrasekhar felt that the steps discussed in the meeting would take care of the basic concerns of Indian Industry and help industry to refocus on growth and investment.


Chandrasekhar said that government agreed on the industry’s point of view that restoring of liquidity is not enough and that the risk averse behaviour of the banks would have to be changed.

He added that the risk averse behaviour of the banks is based on the fact that they are not able to project a growth trajectory that will ensure that their investments / loans would be repaid. Reigniting the growth process and thereby increasing the level of investor confidence could change this, he felt.


Chandrasekhar was hopeful that the RBI would be able to bring about this change in the perspective of banks. D Subbarao, governor of RBI was present at the meeting.