India exports are touching low ebb,auto,textile,gems, chemicals,heavy engineering showing stuttering economy more than millions lost jobs in above sectors but Home Minister P Chidambaram says,India would register a 7 per cent growth:

US is fighting hard to get over the global meltdown ,the stimuls package has been passed through their Senates and house of Representatives.US President Barack Obama has welcomed the approval of his 787 billion dollar economic stimulus package by the Congress. He described it as a historic step and major milestone on America"s road to recovery. Mr Obama said the plan will save or create more than 3.5 million jobs. He is expected to sign the bill into law early next week. Earlier, the Senate approved the measure hours after the House of Representatives backed it without
Republican support. The bill was passed by 60 votes to 38. Republicans argued the tax cuts are insufficient, and that the economy will be saddled with debt for years to come. Members of both houses of Congress had reached a deal over the content of the stimulus package
on Wednesday.

In German, lower house of the German parliament has approved a 50- billion-euro economic stimulus package. The budgetary move, the biggest of its kind since World War Two, seeks to help Germany tackle
recession.
At Friday"s session, only her conservatives and coalition partners, the Social Democrats, voted for the package. Opposition parties rejected it, including the liberal Free Democrats. The package makes modest cuts to income tax to encourage consumer spending,
increases in family benefits and incentives for industry, including carmakers.The package still hinges on a vote in the upper house representing regional states, where Chancellor Angela Merkel"s coalition does not have a majority.

India inc news emerging from industries balance sheets we find the small industies have either vanished and those in organised sectors have contraced to more than sixty percents. Even from BSE listed 200 companies, more than 80 shows negative growth and rest are having more than 15 percent negative growth.Global meltdown has put the exporters in dire straits,their workers,raw material supplier related industries
has recevied the severe jolt.In such deteriorating situation Chidambaram said,expressing satisfaction that “we tamed inflation," he said inflation would go down further in the coming months. “Inflation
remained a monster seven months ago but we successfully tamed it," .Current Quarterly reports of Maruti reports 54 percent drop in profit,Indian hotels report 38 percent drop in profit,Sony reports
$200Mn operating loss,Toshbia plans to cut cost,Nippon sheet glass to go for cut in jobs to the tune of 5800,Arvind Ltd in loss of 33 Cr this quarter,King fisher in deep red 413 cr loss this qtr, DLF and
Unitech look for more fiscal to sustain their growth,Subiksha unable to pay its stff since oct 08 are some of classical examples of the industries falling in trap of recession and worst to still come for which Industrial captains holding their capital expenditure to their chest.

To fight the menace of fiscal crisis the Finance ministers,central bankers from the Group of Seven leading industrialised nations have pledged to work together to combat the worst global economic downturn
in decades. In a statement released at the end of two days of talks in Rome, they pledged to promote growth and employment and to strengthen the banking system. They also warned against protectionism, saying
that this would undermine economic growth. The statement made a gloomy prediction that the severe economic crisis would continue through most
of this year. The G-7 constitutes Germany, Canada, Britain, Japan, France, Italy, and the United States.

Federal minister Chidambaram chides in fiscal mechanism that by asking banks to further cut down lending rates in tune with the downward trend in inflation, he said, “Interest rates must be modified when there is an opportunity. Banks, right now, have been investing more than lending but they should step up lending and stand by the customers in difficult times. We sti ll need greater policy support in
this regard." Loan s must be rescheduled, more capital should be pumped in and more working capital should also be made available to sustain growth, he added.

Commerce and Industry Minister has said that the industry is soon going to see an ease out in credit disbursement as banks have enough liquidity.Mr Kamal Nath said we have to be competitive globally as
protestionism is no answer for growth. He said the government is committed to help the private sector in all possible ways as India has seen tremendous growth led by the private players.

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