India shies from quantifying stimulus package
The US, the UK and even China put a number to the stimulus package to boost their economies, but India chose to describe it in words than numbers.india Updated: Dec 07, 2008 19:53 IST
The US, the UK and even China put a number to the stimulus package to boost their economies, but India chose to describe it in words than numbers.
"It's just a very good stimulus package, if you want one word for it," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters on Sunday, while declining to quantify the size of it.
The package has been cobbled together with some public expenditure, channelising of bank spending and reduction in excise duty.
Assigning one number is not the right way to look at it, said Ahluwalia, who was deputed by the Prime Minister to brief the media about the details of the package that provides for an additional plan expenditure of up to Rs 20,000 crore (USD 4 billion), among other things.
It also includes Rs 350 crore additional funds for export incentives, forgoing of revenue of up to Rs 8,700 crore by way of across the board 4 per cent cut in excise duty and Rs 1,400 crore for textile sector under TUF Scheme, elimination of import duty on Naphtha for power sector and export duty on iron ore fines.
"This is an important issue... I am not trying to hide anything," Ahluwalia said.
US has so far declared USD 7 trillion worth bailout efforts, the Europe over 1 trillion and China announced USD 586 billion booster. Globally, the packages that have been announced tops USD 10 trillion.