The Prime Minister-chaired committee on Tuesday cleared a blueprint of a fiscal and monetary package for cash-starved housing, export and financial sectors, so as to enable them to tackle the impact of the global economic crisis. "Simultaneous packages for finance, export and housing sectors will be announced by the government and the Reserve Bank probably by the week-end," an official said.
Prime Minister Manmohan Singh, who on Monday took additional charge of the Finance portfolio, discussed sectoral issues with Home Minister P Chidambaram, RBI Governor D Subbarao and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
The apex committee met in the backdrop of exports reporting a decline of 12 percent in October, while several other sectors including automobile also seemed to be following the downward trend.
The US economy has been officially declared as recession-hit with adverse implications for Indian exporters and capital inflows.