The government appeared confident that the stimulus package would ensure an economic growth rate of 7 per cent, as the across-the-board 4 per cent excise duty cut, additional expenditure of Rs 20,000 crore and measures taken by the RBI would boost demand for industrial goods."Seven per cent growth rate is quite feasible...7 per cent would be a good performance," Planning Commission Deputy Chairman Montek Singh Ahluwalia today said, while announcing the stimulus package here.
Indian economy grew by nine per cent in 2007-08 and, according to estimates of various think tanks and Reserve Bank, is estimated to slowdown in the current fiscal mainly on account of the fallout of the global financial meltdown which has pushed economies of several developed nations into recession.
The stimulus package, which was approved by Prime Minister Manmohan Singh, is aimed at boosting the growth by cutting taxes, increasing public expenditure and ensuring flow of credit to infrastructure, construction and housing sectors.
"The package will minimise the impact of weak global economy on the Indian economy", Ahluwalia said, adding that the government will constantly monitor the situation and would come out with more steps if necessary.
The Reserve Bank, he added, has already taken a serious of monetary measures to ease credit flow and reduce cost of credit to several sectors of the economy including housing, small and medium enterprises and exports, which are reeling under the impact of the slowdown.
The government, he added, will also prompt the public sector enterprises to clear the dues to small and medium enterprises to ease credit crunch being faced by them.
Related Stories:1) RBI slashes rates to shore up growth
2) Government unveils Rs 30,700-cr stimulus package
Subscribe for free to receive hot Pune real estate news, views and reviews:1) Ravi Karandeekar's Pune Real Estate Market News Blog
2) Ravi Karandeekar's Pune Real Estate Investment Blog
3) Ravi Karandeekar's Pune Real Estate Advertising and Marketing Blog
4) Ravi Karandeekar's Pune Real Estate Blog
5) Please, feel free to call me on my mobile +91 98600 44110! I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so i do not charge anything for the first 8 minutes!)
6) Please, join me on Friendfeed, to share news articles, family photos, interesting links and videos and let us discover and discuss information!
Visit Ravi Karandeekar's Pune Real Estate Blog Group and join for free to receive updates of all blogs!
real estate Indian real estate Pune real estate Pune news Pune news Pune real estate news Pune real estate market Pune real estate market news blog Pune real estate blog Pune property blog Pune realty Pune real estate investment Pune real estate marketing upcoming and ongoing real estate projects in Pune current property rates in Pune latest real estate prices Ravi Karandeekar 91 98600 44110 Friendfeed Ravi Karandeekar\'s Pune Real Estate Blog Group Google Groups