Indian economy may need another stimulus: Montek
To beat the effect of global financial meltdown, the government may have to release another round of stimulus package in the next fiscal beginning from April 01 as the ongoing fiscal deficit may go broader in the next year too, said Planning Commission Deputy Chairman Montek Singh Ahluwalia.
Speaking on the sidelines of a function in New Delhi to felicitate Nobel laureate Prof. Amartya Sen on his 75th birthday on Friday, Mr. Singh said: “The need for fiscal stimulus will not end this fiscal and will go beyond that.”
Projecting the gloomy picture of fiscal deficit, he said that the gap of fiscal package would be much more than budgeted.
He, however, emphasised on the implementation of the stimulus package correctly, so that the allocated additional funds must be spent. For this, ‘the plan panel was working on what the plan position should be for the next year,’ he added.
Citing on fiscal deficit, Montek said that plan panel has made it clear that fiscal deficit would be broader in the next financial year as till October, it has already reached to substantial high. ‘The government will report that to Parliament at appropriate time and nobody is saying that we should stick to fiscal deficit target,’ he said.
Earlier on Dec 7, the Prime Minister Manmohan Singh had announced a ‘multi dimensional’ fiscal stimulus package of additional Rs 20,000c-crore expenditure plan to meet the splurge on construction of roads, ports and other infrastructure, and also slashed excise duty by 4% to stimulate demand and boost economic growth.
Read More: Delhi | Jiroli Hira Singh | Khera Narain Singh | J D Singh | Tharesa Jai Singh | Sekhupur Adhar Singh | Mohmand Pur Rai Singh | Saraiyan Mahipat Singh | Raipur Deo Singh | Majra Anand Singh | P.a. Singh | Badsara Ram Singh | Gaj Singh J Pur | Bankati Suryabali Singh | Piparia Mahipal Singh | Parsia Chhitani Singh | Fri | Mon | Bahuarwa Gopi Singh | Yuvraj Singh Reincarnated | Virbhadra Singh | Manmohan Singh | Mahendra Singh Dhoni
RISHI KAPOOR___S UNDERWORLD DON LOOK IN D-DAY REVEALED
May 22, 2013 at 12:41 PM
Ranbir Kapoor on the sets of 'Pyaar Ka Dard Hai Meetha Meetha Pyaara Pyaara'
May 22, 2013 at 12:26 PM
WHEN SRK, SALMAN CAN WORK WITH NEWBIES, WHY CAN___T I?-PREITY
May 22, 2013 at 12:23 PM