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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India stimulus package first step to revive growth: minister AFP - Saturday, December 6 NEW DELHI (AFP) - - An Indian government stimulus package due Saturday will be the first of a series of steps to boost an economy hit by the global recession and shaken further by the Mumbai attacks, a minister said. The government plans to unveil a fiscal stimulus plan at the same time as the central bank is expected to cut interest rates in a bid to boost lending and spur demand. "This will not be a single package. There will be a first package, second and third part of it," Commerce and Industry Minister Kamal Nath told reporters in the Indian capital. The two-prong monetary and fiscal move is intended to help shield the economy from the global slump and bolster confidence shaken by the Islamist militant attacks on financial hub Mumbai that killed 172 people, analysts said. Commerce Secretary G.K. Pillai declined to reveal details of the government package prepared in consultation with the central bank, saying, "Let the prime minister announce it tomorrow." Announcement of the package will come a week after the end of the bloody 60-hour siege in Mumbai in which gunmen attacked two luxury hotels, a popular cafe, a railway station and a Jewish centre. Prime Minister Manmohan Singh, a well-respected economist who opened up India to foreign investors when finance minister in the 1990s, has taken over the portfolio again after naming Finance Minister Palaniappan Chidambaram home minister to bolster security. Singh met with top officials earlier this week to finalise the stimulus package which is expected to contain measures to boost infrastructure spending and help the hard-hit trade and vehicle sectors, among others. Exports fell by 12 percent in October and the government has cut its export target for the year to 175 billion dollars from 200 billion. The package comes as economists have warned of a chill effect on the economy from the Mumbai attacks. "Short-term sentiment has been rocked by the events," said Deepak Lalwani, India director of Astaire and Partners in London. Singh this week forecast growth of 7.5 percent for the year to March 2009. But private economists say expansion could be as low as 6.8 percent this year and 5.5 percent the following year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Biggest months of job gains and lossesAP - 1 hour 17 minutes ago Reds become latest MLB team to hold ticket pricesAP - 2 hours 1 minute ago Stocks turn higher after dismal jobs reportAP - Saturday, December 6 Nissan suspends plan to cut 1,680 jobs in SpainAFP - Saturday, December 6 Related Articles: Business Inflation at 32.7 percent in Venezuelan capitalAP - 31 minutes ago Automakers look to consolidate dealer ranksAP - 34 minutes ago Workers recall the moment they became joblessAP - 37 minutes ago Farmers target EPA report they say might tax cowsAP - 54 minutes ago TOPWRAP 11-US bleeds jobs, markets hope for more stimulusReuters - 58 minutes ago Enlarge Photo India stimulus package first step to revive growth: minister Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Do not disturb eggs: MP reveals Britain's oddest laws Cruise ship runs aground in Antarctica Fate of auto giants hangs by thread Diamond thieves pull off 100-million-dollar Paris heist Central banks slash interest rates to drive back recession View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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