05 Feb '11, 4pm

India set to withdraw stimulus measures, industrialists unhappy: Reeling under the impact of rising interest and...

India set to withdraw stimulus measures, industrialists unhappy: Reeling under the impact of rising interest and...

NEW DELHI: After emerging from the global economic crisis, India is set to withdraw its stimulus measures by the end of this year. But rising inflation has upset the government's plan of a full rollback. Last year, excise duty for manufactured goods was raised two-percentage points to 10 percent. This year too, in the second phase of the rollback, duty is expected to rise by another two-percentage points. But in view of the decline in manufacturing activity, the government has decided to put its plan on hold. In November, industrial growth plunged to an 18-month low of 2.7 percent, from over 11 percent recorded in the previous month. As many as nine out of 17 industry groups registered a negative growth in this period. Pranab Mukherjee, India's Finance Minister, said: "The base effect is also there but that is no consolation. We shall have to look into it so that in the ne...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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