Highlights: Pranab speaks on Industrial Output data

New Delhi: Finance minister Pranab Mukherjee on Tuesday addressed a press conference on the concerns plaguing the Indian economy and the steps the government plans to take.

India's index of industrial output (IIP), the key measure of industrial output, grew at 0.1 per cent in April 2012 from the same period in the past fiscal. This is against an expectation of 1.7 per cent. The industrial output fell 3.5 per cent in March 2012.

Here are the highlights from Pranab's speech:

• Taking several measures to kick-start the economy
• To ensure faster project clearances, attracting new investments
• Fiscal management is also a high priority
• Regular tariff revisions to be given attention
• Expect growth to revive in the Indian economy
• Target for agricultural credit exceeded in FY12
• Banks proactively addressing NPA issues
• Banking payment structure to be at par with global standards
• Also suggested new measures for education loan. Accounts have increased. Last year it was 24 lakh. Amount has also increased.
• Giving target to anchors that every farmer household to get a kisaan credit card.
• Every family to have bank account and to undertake electronic bank transfer in collaboration with state govts.
• Banks must promote electronic mode of transactions.
• We will bring villages having population of 2000+ within banking services. Over 3 crore banking accounts have been opened.
• Loans for education, minorities must be emphasised.
• We are carrying on the re-capitalization programme, it is a continuing process
• I am disappointed more with the capital goods figure
• Banks are fully aware of the NPA issue
• Some banks have already been able to reduce it
• Have asked banks not to choke the flow of credit to the sectors where uninterrupted flow is required