You are here: Home » Economy & Policy » News
Business Standard

Montek for phasing out stimulus from next fiscal

Press Trust of India  |  New Delhi 

Montek Singh Ahluwalia

Planning Commission Deputy Chairman Montek Singh Ahluwalia pitched for phasing out of the stimulus package from next fiscal saying he agrees with the Prime Minister Manmohan Singh.

"I agree with the Prime Minister. When the Prime Minister has spoken, you should take that as the government's view," Ahluwalia told PTI, when asked about withdrawal of stimulus given to the industry since September last year to contain the impact of the global financial meltdown.

Prime Minister Manmohan Singh in his address to India Inc at the India Economic Summit had said, "Like other countries, we resorted to a significant stimulus and we will take appropriate action next year to wind this down."

Clarifying about the time-line stated by the Prime Minister for withdrawal of stimulus, Ahluwalia said, "Next year means next financial year."

Finance Minister Pranab Mukherjee, however, had said that stimulus measures need to continue till there is robust recovery in the developed world, which account for bulk of India's exports.

"Umpteen number of times I have stated that in due course we shall have to take corrective measures (phasing out of fiscal stimulus) but still I do feel that strong domestic demand is necessary... It will continue for some more time," Mukherjee had said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 11 2009. 18:41 IST
RECOMMENDED FOR YOU
.