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| Ficci wants stimulus to stay for exports, SMEs |
| Press Trust of India / New Delhi Mar 02, 2010, 19:16 IST |
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The government should continue with the stimulus package for exports and areas that still need support, although the industry should not expect them to continue in perpetuity, Ficci President Rajan Bharti Mittal said here today.
While he said a partial rollback of the stimulus packages in the Budget was the right step, Mittal pointed out that areas like exports and small and medium sectors will require government support for some more time.
"We had requested the Finance Minister not to withdraw anything on export stimulus, because we are just about there (recovery) and withdrawal will hurt it badly," Mittal said.
Exports were hit hard by the global economic meltdown about 18 months ago and have started showing signs of revival only since last November, registering a growth of 18 per cent.
But in January, exports could grow by 11.5 per cent to $14.34 billion compared to the same period in 2008-09.
The government came out with three stimulus packages, slashing duties and increasing government spending beginning December 2008. Last week, the Budget partially rolled back excise duty.
Overall, Mittal said, "Any stimulus that is given can not be for perpertuity...Industry cannot be on the crutches of stimulus package for their life..."
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