PM assures Indian Inc of govt aid for saving jobs

COST TO PAY: PM told a gathering of top Indian industry leaders that the government will give all possible help.

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New Delhi: Prime Minister (PM) Manmohan Singh met with India Inc's top men on Monday. He said the government will help boost industry, but industry should not have large scale layoffs.

The nationally televised demonstrations of the Jet workers protesting getting laid off overnight by the airline's management set off media debates about the impact of a slowing down of the global economy.

For a poll bound prime minister, job cuts ahead of four state elections could cost politically.

In a clear signal to industries that it should keep lay offs at bay, the PM told a gathering of top Indian industry leaders the government will give all possible help.

Vice Chairman and managing director JSW Steel Sajjan Jindal says, “We have given very clear assurance to the PM and his cabinet colleague that there is no question of any layoff and the industry is going forward in an expansion drive and that will continue.”

The PM also said that India will be impacted by the global financial crisis but the government will ensure that India's banking and financial systems are safe.

Singh says, “The government is closely monitoring the evolving macro economic situation and is fully alive to its responsibilities to sustain the growth momentum of the economy at a reasonable rate.

A special monitoring cell will be set up to ensure a response to economic situations faced by the

industry, including liquidity crunch and high interest rates.

The cresendo effect of the prolonged economic crisis has put the government and corporate India in the huddle.

And in an election year the government is fast realising that economic crisis is bad for political health which is why perhaps it is time that corporate India bails the government out.