New Delhi, December 29
The deputy chairman of the Planning Commission, Dr Montek Singh Ahluwalia, said today that the second stimulus package to boost ailing sectors like housing, exports and realty was likely in the next few days.
“We are trying to coordinate a number of different steps. And I hope in the next few days we will be ready to make an announcement. The government is preparing a stimulus package for fiscal year 2009-2010 and the Planning Commission is not proposing extra spending for the current fiscal,” he clarified.
“I can assure you that the main thing is to make sure that expenditure we have already provided for is spent on the various programmes that are earmarked,” he said. He added that there was direct scope for further monetary actions as inflation was on its way down. He, however, ruled out the possibility of an additional spending in the second leg of the stimulus package.
With industrial production contracting by 0.4 per cent in October, for the first time in 15 years, and the exports declining by over 12 per cent during the month, the government came out with a stimulus package on December 7 to spur growth and help the industry combat the impact of global financial meltdown.
PTI adds: As part of the stimulus package, the government cut excise duty by 4 per cent across the board, except on petroleum products, and announced raising of the public expenditure by Rs 20,000 crore to boost demand.
