Subbarao chats with Singh on economy

During the meeting, the RBI chief was understood to have given an update on the overall disbursement as well as availability of credits for the industry, which is currently hit by the ripple effect of the global slowdown, sources said.

Series of sops

As the preparation for the budget, which is likely to be presented in Parliament in the first week of July, the government is contemplating to take series of growth-oriented fiscal measures to stimulate business confidence of trade and industry.

During the meeting Subbarao was understood to have explained the RBI’s assessment of growth-oriented fiscal measures and reforms in the financial sector.

The RBI chief also briefed the Prime Minister about the initiatives taken by the RBI to neutralise the impact of the global financial meltdown on the Indian economy.

Later Subbarao was understood to have called on the Finance Minister Pranab Mukehrjee.