Govt announces stimulus package to boost economy
Govt announced major tax cuts across the board to boost demand & allocated additional funds to stimulate economy. Global stimulus pkg | India battles crisis
By ET Online and Agencies |
NEW DELHI: The government on Sunday announced major tax cuts across the board to boost demand and allocated additional funds and incentives for exports, housing, textile and infrastructure to stimulate the economy, hit by the global financial crisis.
The government announces measures for stimulating the economy; says need for stimulus to continue in 2009-10. There is also an across-the-board cut on ad valorem rate to encourage additional spending and an additional Rs 1,400 crore allocated for textile sector.
In an attempt to boost exports, the govt provided Rs 350 crore additional funds for export incentives; back-up guarantee to ECGC for up to Rs 350 crore, to be allowed refund of services in some areas.
In addition, the stimulus plan includes additional plan expenditure up to Rs 20,000 crore in current year and total spending in four months till March expected to be at Rs 300,000 crore.
The package, coming on the back of fresh monetary measures announced by the RBI yesterday.
In order to fight recession and rescue the Indian economy, the government is rolling out a Rs 30,700-crore package. Do you think it's a wise spend that would benefit the common man?
The government announces measures for stimulating the economy; says need for stimulus to continue in 2009-10. There is also an across-the-board cut on ad valorem rate to encourage additional spending and an additional Rs 1,400 crore allocated for textile sector.
In an attempt to boost exports, the govt provided Rs 350 crore additional funds for export incentives; back-up guarantee to ECGC for up to Rs 350 crore, to be allowed refund of services in some areas.
In addition, the stimulus plan includes additional plan expenditure up to Rs 20,000 crore in current year and total spending in four months till March expected to be at Rs 300,000 crore.
The package, coming on the back of fresh monetary measures announced by the RBI yesterday.
In order to fight recession and rescue the Indian economy, the government is rolling out a Rs 30,700-crore package. Do you think it's a wise spend that would benefit the common man?
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