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India has room for more monetary and fiscal steps: Ahluwalia

New Delhi, Wed, 21 Jan 2009 ANI

New Delhi, Jan. 20 (ANI): Planning Commission's Deputy Chairman Montek Singh Ahluwalia on Tuesday said that India had room for more fiscal and monetary policy measures to revive its slowing conomy and the government would act to protect growth in the next fiscal.


Speaking at the 'Partnership Summit 2009' organised by CII (Confederation of Indian Industries) ere said that India would continue to use fiscal and monetary policies.


Montek Singh Ahluwalia said: "We will have to continue to use both fiscal and monetary policies ext year, stimulus is not just for the current year as the current year is about to end in a couple of onths from now."


Industry is lobbying for further cuts in rates and taxes, with leading firms expected to announce ower profits while exporters grapple with falling overseas sales.


But Ahluwalia said there would be no tax changes between now and the next full budget, and mphasised on the implementation of the stimulus package that had already been announced.


He said, "The most important thing is to implement the stimulus package that had been announced. y announcing the package, the expenditure is going to start flowing the government has the imited amount and capability of mobilising resources, administrative runaways at the moment, we ill be mobilising all of that to make sure that the stimulus, we have announced, is actually mplemented."


Ahluwalia further added that the full outline of the next stimulus package would come out at the time f normal budget.


The bank will next review its policy stance on Jan. 27.(ANI)


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