PM's EAC chairman says more fiscal, monetary measures on the cards

10 Feb 2009 | 09:53 PM's EAC chairman says more fiscal, monetary measures on the cards

Prime minister's Economic Advisory Council (EAC) chairman Suresh Tendulkar on Monday, 9 February 2009, said the government is likely to announce more fiscal and monetary measures in the interim budget to stimulate demand in the economy. The Reserve Bank of India (RBI) is expected to take further measures soon after the vote on account, he said.

The Central Statistical Organisation (CSO) on Monday pegged India's projected GDP growth for the year ending March 2009 at 7.1%, the slowest in six years and below the previous year's 9%.

Foreign minister Pranab Mukherjee, who is also responsible for finance and will present the mini budget, said on Friday, 6 February 2009, the government would take measures to boost growth, especially in sectors where jobs are at stake.

The government has so far announced two stimulus packages including tax cuts and the capital injections for banks. The Congress party-led coalition government will unveil an interim railway budget on Friday, 13 February 2009 followed by a mini general budget on 16 February 2009, ahead of national elections due by May 2009. A full budget for 2009-2010 will come only after a new government takes over.


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