Government to Take Steps for Promoting Labour-Intensive Sectors

                                                                                         

Anticipating further deceleration in economic growth in the coming financial year, the government has decided to take more steps to support the labour-intensive sectors. External Affairs and Finance Minister Pranab Mukherjee has recently said that the UPA government would undertake further measures to lessen the adverse impact of the economic downturn on key labour-intensive sectors, including manufacturing, textiles, engineering and footwear. These sectors are largely constituted by small scale industries (SSIs) that have been most affected following the meltdown.

While addressing a conference on financial crisis, Mr Mukherjee said that the government has already introduced two stimulus packages for these sectors and taken a string of measures to provide liquidity, improve credit flow, bring down the cost of borrowings and stimulate demand. However, acknowledging the need for more government initiatives, the minister has further assured of adequate assistance to small scale units, which form the core of the labour-intensive sectors.

The External Affairs Minister emphasised the need for a regional mechanism to prevent further deepening of the crisis and talked about changing the structure of the global economic governance. He stressed on the importance of taking counter-cyclical steps to drive the Indian economy forward on the strength of domestic demand.

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