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Domestic industry will be protected, says new minister

Industry Minister Sikander Bakht today declared that the Bharatiya Janata Party government would spare no effort to protect domestic industry.

Speaking to newspersons after taking office at Udyog Bhavan in New Delhi, Bakht said his government would follow a happy mix of swadeshi (nationalist) and liberalisation policies.

The minister, however, declined to make any comment on Maruti Udyog Ltd and the Disinvestment Commission.

Earlier, the secretaries to the various departments under the industry ministry called on Bakht and briefed him on issues relating to their respective departments.

Meanwhile, new Commerce Minister Ramakrishna Hegde said the BJP-led coalition government will accord the "highest priority" to accelerating exports that have stagnated.

Assuming office in New Delhi today, he said this was vital for the economy and for improving the country's balance of payments position.

At a meeting with senior officials of the ministry, Hegde said he was aware that the stagnant export growth in recent months had been "causing concern" and underlined the need for concerted efforts to regain momentum.

In this context, the commerce minister said that pending issues relating to the current export-import exim policy should be resolved expeditiously, so that the required notifications could be made without delay.

The minister also indicated that he would have detailed interactions with the officials over the next few days on the constraints affecting exports sectorally with a view to finding practical solutions.

Commerce Secretary P P Prabhu, Special Secretary N N Khanna, Additional Secretary and Financial Advisor D P Bagchi and other senior officials attended the meeting where Hegde was briefed about the various issues relating to exports.

The officials also flagged some of the the World Trade Organisation related matters which would have to be addressed immediately, in view of some important forthcoming meetings. The commerce secretary indicated that the second South Asian Association for Regional Cooperation commerce ministers conference was scheduled to take place towards the end of April.