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One more booster dose on the way

The package will be aimed at employment generation and meeting credit needs of the industry, Commerce minister Kamal Nath said on Thursday.

business Updated: Dec 11, 2008 21:55 IST
HT Correspondent

The government is expected to unveil a second stimulus package next week. The package will be aimed at employment generation and meeting credit needs of the industry, Commerce minister Kamal Nath said on Thursday.

Nath said the next package would look at the engineering sector, and greater re-finance facilities for exporters and textile and agriculture sectors, implying easier terms for lenders from supporting agencies to boost funds for business.

“We have to ensure that our domestic demand continues and government will be taking all steps... We are again looking at something next week," Nath said at the sidelines of an industry function.

The minister’s words came a day after the World Bank expressed fears of a “prolonged” slowdown that could pull down the global economic growth to less than 1 per cent in 2009.

Last week, Prime Minister Manmohan Singh had announced a Rs 35,000-crore package to stimulate the economy in fiscal measures to match an easing of credit by the Reserve Bank. The government had reduced the Central Value Added Tax (Cenvat) by four per cent across the board and announced plans to raise public expenditure by additional Rs 20,000 crore during 2008-09.