Heads of three industry chambers on Monday met Finance Minister P Chidambaram and sought decisive government measures to ensure that the impact of the global credit crisis on the Indian economy is minimised.
CII president K V Kamath, Federation of Indian Chambers of Commerce and Industry president Rajeev handrasekhar and Assocham President Sajjan Jindal held discussions with Chidambaram immediately after Prime Minister Manmohan Singh had interacted with a larger industry group.
The government
as also the Reserve Bank of India have taken a number of steps since beginning of October to ward off the Indian banking system from the global financial contagion.
"We need to review the situation for some more days," Kamath said, adding, steep cuts in interest rates are required to ensure the government's articulated gross domestic product growth of 8 per cent.
These include injecting liquidity of over Rs 260,000 crore (Rs 2,600 billion) through successive cuts in RBI lending rate and cash reserve ratio.