NEW DELHI, Jan 2 (Reuters) - India is likely to announce a second stimulus package later on Friday to help shore up an economy slowing faster than many economists had expected, two officials in the Prime Minister's Office said.
One official, who did not want to be identified, told Reuters that Montek Singh Ahluwalia, deputy head of India's Planning Commission, would hold a news conference at 6:00 pm (1230 GMT) to announce details of the package.
In December, Indian authorities cut policy rates, announced $4 billion in extra spending and rolled out a four-percentage point cut in factory gate duties to help lift growth trimmed by the global financial crisis and high borrowing costs at home.
Last month, Trade Minister Kamal Nath said the government was looking at liquidity issues, and more steps to help exporters, the real estate and infrastructure sectors as part of a second package.
(Reporting by Rajkumar Ray and Manoj Kumar, Editing by Mark Williams) Keywords: INDIA ECONOMY/STIMULUS (devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
One official, who did not want to be identified, told Reuters that Montek Singh Ahluwalia, deputy head of India's Planning Commission, would hold a news conference at 6:00 pm (1230 GMT) to announce details of the package.
In December, Indian authorities cut policy rates, announced $4 billion in extra spending and rolled out a four-percentage point cut in factory gate duties to help lift growth trimmed by the global financial crisis and high borrowing costs at home.
Last month, Trade Minister Kamal Nath said the government was looking at liquidity issues, and more steps to help exporters, the real estate and infrastructure sectors as part of a second package.
(Reporting by Rajkumar Ray and Manoj Kumar, Editing by Mark Williams) Keywords: INDIA ECONOMY/STIMULUS (devidutta.tripathy@thomsonreuters.com; +91 11 4178 1009; Reuters Messaging: devidutta.tripathy.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
