Stimulus plans - Not to be withdrawn at once
The Indian government said that stimulus packages to perk up the economy during the slowdown are not likely to be withdrawn this fiscal and the exit when it happens will be a gradual one.
Cabinet Secretary Mr KM Chandrasekhar on the sidelines of a CII event on competition policy told reporters that "The general indication today is that stimulus will continue this year, that is the indications given by everybody. Let us not think stimulus is something that will be withdrawn all at once."
Mr Chandrasekhar said that certain things in stimulus packages might be retained while certain things might go. He however refused to specify which part of stimulus will be withdrawn.
He said that "We have not thought what to remove. Stimulus contains many things that might change."
Mr Chandrasekhar said that right now all the indications given to me by various ministries are that currently there is no immediate move to change the stimulus packages.
Mr Pranab Mukherjee Finance Minister also said that stimulus would be wound up when recovery is on a firm footing.
Indian economy grew by 6.1% in the first quarter of this fiscal against 5.8 per cent in the preceding two quarters. There are signs of improvement in industry, which grew by 11 in August and 9.1 in September.
(Source:Zeenews)
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