| India Eco Summit: Sharma pitches for stimulus continuation | |
| Press Trust of India / New Delhi November 9, 2009, 21:36 IST | |
The government would not withdraw stimulus package for exporters in the near future, Commerce and Industry Minister Anand Sharma said today hoping that exports would rebound from the last quarter of this fiscal.
"... For the present the time has not come. When we move to the positive territory then surely we will have a relook," Sharma told reporters on the margins of the India Economic Summit here.
Addressing the same meeting yesterday, Prime Minister Manamohan Singh had said the fiscal stimulus would be phased out next year.
"Like other countries, we resorted to a significant stimulus and we will take appropriate action next year to wind this down," Singh had said.
Sharma said the exporters need support as they continue to suffer due to demand slowdown in major economies.
He, however expressed hopes the exports would rebound from the January-March quarter of 2009-10.
"By the end of the last quarter of this ficsal hopefully exports will be in positve (zone)," Sharma said.
Exports, that are contracting since October 2008, dipped by 13.8 per cent in September.
The government had announced several sops like interest subsidy to help the exporters impacted due to demand slowdown in their traditional markets of the US and EU.
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