Stimulus results in Apr-May: Montek
The Financial Express, April 30, 2009, Page 2
Press Trust of India, New Delhi
Planning Commission deputy chairman Montek Singh Ahluwalia on Wednesday said the stimulus packages to revive the economy would start showing results in the data for April-May and definite signs of recovery would become manifest in the second half of the fiscal.
“By April-May we should begin to see the impact but the data (are) not with me ... I am quite sure the stimulus will impact but we need to see the hard numbers,” he said while talking to reporters here.
In order to boost the economy facing the heat of the global financial meltdown, the government came out with a stimulus package on December 7 and followed up with more steps in January and February.
As per indications from industry, Ahluwalia said, “There are signs of recovery in different segments but industry-wise numbers are still to come.” “In the second half of this year you’ll see distinct signs of recovery,” he added.
The country, Ahluwalia had said earlier in Washington, was expected to record a gross domestic product growth rate of 6% this fiscal, and more next fiscal with likely recovery in the global economy.
On the issue of further cuts in interest rates by the RBI, he said there is always scope. “There is always (a scope for further rate cuts). All these matters should be looked at by the Reserve Bank on a day-to-day basis ... so I don’t want to make comments on this,” he said.Earlier on April 21, the RBI had cut its key short-term borrowing and lending rates by 25 basis points.
The Financial Express, April 30, 2009, Page 2
Press Trust of India, New Delhi
Planning Commission deputy chairman Montek Singh Ahluwalia on Wednesday said the stimulus packages to revive the economy would start showing results in the data for April-May and definite signs of recovery would become manifest in the second half of the fiscal.
“By April-May we should begin to see the impact but the data (are) not with me ... I am quite sure the stimulus will impact but we need to see the hard numbers,” he said while talking to reporters here.
In order to boost the economy facing the heat of the global financial meltdown, the government came out with a stimulus package on December 7 and followed up with more steps in January and February.
As per indications from industry, Ahluwalia said, “There are signs of recovery in different segments but industry-wise numbers are still to come.” “In the second half of this year you’ll see distinct signs of recovery,” he added.
The country, Ahluwalia had said earlier in Washington, was expected to record a gross domestic product growth rate of 6% this fiscal, and more next fiscal with likely recovery in the global economy.
On the issue of further cuts in interest rates by the RBI, he said there is always scope. “There is always (a scope for further rate cuts). All these matters should be looked at by the Reserve Bank on a day-to-day basis ... so I don’t want to make comments on this,” he said.Earlier on April 21, the RBI had cut its key short-term borrowing and lending rates by 25 basis points.
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