CFOs call for 4th stimulus package to achieve 7% growth

NEW DELHI: The Chief Financial Officers (CFOs) Roundtable Conference organized under aegis of Assocham here on Friday urged the government to immediately announce the 4th stimulus package to help India achieve over 7% growth rate in 2009-10.

The CFOs complained that almost 50% of the promises made in the earlier three stimuli packages were not being implemented, and in the backdrop of this, achieving close to 7% GDP growth rate would be extremely difficult unless the finance minister unveils the 4th stimulus package for India Inc in his budget proposals for 2009-10.

The CFOs present at the roundtable included Sanjay Panth, senior resident representative India - International Monetary Fund (IMF); Manoj Adlakha, head global comml. card, American Express; N Subramaniam, chairman, Venture Capital Association of India (VCAI) & partner, Baring Pvt. Equity Partners (I) Ltd; Munesh Khanna, managing director, Centrum Capital Ltd; and Kalpana Jain, senior director, Deloitte Touche Thohmatsu India Pvt Ltd.

Speaking on the occasion, Panth said IMF did not expect faster recovery of world economy, including that of India, and therefore regulations in banking and financial sector were called for. ���Industry needs liquidity which ought to be made accessible at moderate interest rates for revival of demand and creation of infrastructure.���

Khanna pointed out that 50% of promises made in stimuli packages had not been fulfilled and therefore the 4th stimulus package was immediately called for.

Panth, Jain and Subramanium also expressed similar sentiments and sought another package from the government in the forthcoming budget proposals.