The government is likely to announce a third stimulus package soon to fuel economic growth, Minister of State for Industry Ashwani Kumar on Thursday said.
"There will be sector-specific packages announced very soon to boost consumption. There will be some packages for the infrastructure sector as well as for exporters," he told reporters in Mumbai on Thursday.
He, however, did not divulge any details about the proposed package.
The Minister said that the current year would be a difficult year, but the country would still clock a respectable 6.5-7 per cent growth.
The recent monetary and fiscal measures initiated by the Reserve Bank and Finance Ministry would take around six months to make their impact felt, he said.
Comparing India's economy with China, he said that India's economic growth momentum has been on the back of domestic consumption while that of its neighbour has been export-driven.
"Domestic consumption is not shaken. When the world starts getting out of the morass it is in right now, India will be in the front league," Kumar said, adding that "we have to be realistic and accept that we will not grow at a rate of 8.5 or 9 per cent."
"The rest, except China will show negative growth. Despite the turbulence, India has been able to insulate itself," Kumar said.