India monitoring world economy, says Sinha

By Our Special Correspondent

KARNAL, SEPT. 21. The Union Finance Minister, Mr. Yashwant Sinha, today said that India was keeping a close watch on the world economy, especially the stock exchanges and foreign exchange markets following the terrorist attacks in the U.S. and asserted that there was no need for panic as there would not be any long- term impact.

Mr. Sinha was talking to mediapersons after inaugurating a Kisan Mela organised by the Haryana Government to mark the launch of ``Chetna Saptah'' coinciding with the birth anniversary of the late Deputy Prime Minister, Chaudhary Devi Lal, at Karnal.

On any contingency plan to tackle the prevailing situation, he said several measures to check slowdown of economy were underway. The Reserve Bank of India was monitoring the situation which was now under control as the fears of the investors had calmed down.

He said the Union Petroleum Minister had attended an international meet recently and he was assured that supplies of petroleum would pick up.

Earlier, Mr. Sinha and the Haryana Chief Minister, Mr. Om Prakash Chautala, announced a number of incentives for the development of rural areas, especially the farming community, which included the launching of a nation-wide ``Sampuran Gramin Rojgar Yojana'' from September 25.

Mr. Chautala announced plans to withdraw the recent increase in sales tax on pesticides, insecticides, chemical fertilizers and diesel and suspension of recovery of crop loans from farmers whose cotton crop had been damaged recently.

Mr. Sinha said that a life insurance scheme linked with the Kisan Credit Card would be introduced soon and a scheme for providing subsidy and loan to set up godowns for storage of foodgrains, vegetables and fruits.

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