Chidambaram had, in his budget, announced that Rs. 14,000 crore would be provided to recapitalise banks. “This amount will be enhanced sufficiently,” a finance ministry statement said.
”We are awaiting details but this move will increase consumer demand,” M Narendra, chairman and managing director, Indian Overseas Bank, told HT.
In July, consumer durables output had dropped 9.3%, against a growth of 0.8% in the corresponding month in the previous year. The segment registered a 12% decline in output in the April-July period against a growth of 6.1% in the previous corresponding period.