Though fiscal deficit is a concern, the country needed spending to boost the economy hit by financial crisis, she said. Going by the bank's research, Kidwai said India is likely to grow at 8 per cent in next fiscal 2010-11.
Leading carmakers are considering raising prices of their vehicles across the board, if the government withdraws the excise duty benefit in the coming Budget.
The government on Wednesday said the fiscal stimulus given to the industry to combat the adverse impact of the global financial meltdown will not be withdrawn before the budget.
'Prime Minister Modi stated several times that we shall not let this challenge go away without converting it into an opportunity to undertake systemic reforms.' 'And hasn't that been reiterated in action?'
The chamber, however, made a strong case for providing stimulus to the economy in the upcoming budget with a view to increasing capital expenditure. To prop up the slowing down economy, the government came out with three stimulus packages in December, January and in the Interim Budget, providing incentives to various sectors and cutting certain indirect taxes across-the-board.
Ficci: Rationalise tax structure; CII: Space for fiscal incentives is limited.
Dr Singh made a strong pitch for restoring the momentum of growth in the developing world at the G-20 Summit and said there is need to replace lost export demand and to expand investment.
The broader markets ended firm with mid-caps and small-caps gaining over 1 per cent on the BSE.
One area where a fiscal stimulus package still needs to be worked is at the state level.
He said balancing the stimulus against the risks of inflation and threats to fiscal viability is a key short-term challenge.
The US House of Representatives has passed the $819 billion mega stimulus package, which is aimed at reviving American economy that is reeling under the worst ever crisis since the great depression of last century.
Hailing the Budget 2009-10 as "growth oriented", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.
Prime Minister Manmohan Singh has urged the world economies to continue with stimulus packages till 2010 and avoid all kinds of protectionism including in the financial sector to battle the global economic slowdown.
Prime Minister Narendra Modi on Thursday reviewed the impact of Covid-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic. Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.
US President Barack Obama has asked major economic powers across the world to come up with fiscal stimulus packages which could boost demand in these countries.
Obama is likely to sign the bill into law, as early as early next week. The momentous occasion for Obama came late Friday night when the Senate passed the American Economic Recovery and Reinvestment Act by 60 to 38 votes, hours after the House of Representatives approved the similar version of the $ 787 billion stimulus package by 246 to 183 votes.
Economists are engaged in a fiscal feud over Obama's spending plan and how much of a boost it will give the recession-wracked economy
You can question whether Obama's plan will succeed, but don't doubt that a lot of money will be spent.
Kamal Nandi is a relieved man. As vice-president (sales & marketing) of Godrej & Boyce Manufacturing, Nandi has been seeing sales back on track for the last two months.
Reserve Bank of India Governor D Subbarao said on Friday that another stimulus package could help the economy in the short-term but a sustainable recovery required the government to return to fiscal consolidation.
'It is becoming clear that we will no longer see declines in GDP growth for the next few quarters.'
The US economy is in danger of sliding further into recession and taking down finances of towns and cities with it.
The Senate passed its $838bn fiscal stimulus bill by 61 votes to 27 on Tuesday, clearing the way for Congress to thrash out final legislation for President Barack Obama to sign into law.
The finance minister should attempt to quickly get back to a path of fiscal consolidation.
Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday. The information regarding the press conference by the Union finance minister was given through a tweet by the ministry of finance in the morning.
Biden's proposal also sets aside USD 20 billion for a national vaccination programme and USD 50 billion to scale up coronavirus testing.
The government on Tuesday said inflation is not an immediate concern and will continue with the fiscal stimulus measures till the economy recovers fully.
President Bush has signed the economic stimulus package, to give a booster shot to US economy.
A study, commissioned by ADB and titled 'Policy Changes for Asia after the Global Recession: Impact of the Global Economy and Policy Implications', found Asian economies are poised for accelerated growth as the global economic crisis recedes.
Describing stimulus as a 'short-term life support' measure, global consultancy firm KPMG executive director Vikas Vasal said, "(They) cannot continue forever. This is one area where timing may never be considered right; however, somewhere down the line the government has to bite the bullet."
The commerce ministry wants the stimulus packages for exporters to continue for some more time till the sector recovers completely.
On the eve of the Budget presentation, economists on Thursday said the they expect the government to roll back some of the stimulus measures, as the economic growth is on rebound with the Economic Survey projecting the GDP to expand by up to 8.75 per cent in FY'11.
Central banks are unlikely to go for co-ordinated withdrawal of stimulus measures as it may hamper global economic recovery, a top financial services expert said on Wednesday.
Finance minister Pranab Mukherjee, however, had said that stimulus measures need to continue till there is robust recovery in the developed world, which account for bulk of India's exports.
A positive outcome in the year was when India signed an ILO-sponsored 'jobs pact' in July and put employment and social protection at the centre of crises responses.
The economic stimulus package to protect the country from the impact of the global financial crisis would continue till the economies of Europe and the US recover, Finance Minister Pranab Mukherjee said on Sunday.
The fiscal measures announced by the government and the monetary measures by the Reserve Bank of India were aimed at mitigating the effects of the economic downturn.
The Election Commission's decision to announce the Lok Sabha poll dates on Monday and immediately implement the code of conduct has taken the United Progressive Alliance by surprise, as it was planning to introduce some more financial stimulus packages to beat the economic slowdown. The cabinet secretary has now decided to approach the Election Commission and seek permission to make certain announcements about the stimulus packages, as the government cannot wait.
Analysts are advising a cautious stance on the steel sector due to a combination of factors. The major one is that China has maintained momentum on steel exports in CY24 and there could also be domestic over-supply in the medium-term. Trade data for Jan-Feb'24 shows that China's finished steel exports rose 31 per cent year-on-year (Y-o-Y) to 15.9 MT.
Already two stimulus packages have been rolled out by the Centre to neutralise the impact of the global financial meltdown on the country and the Reserve Bank of India, through a series of monetary steps, released about Rs 3,20,000 crore (Rs 3,200 billion) in the system. Nath said that India is likely to receive foreign direct investment of about $30 billion during 2008-09. The government had set a FDI target of $35 billion for the fiscal.
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