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India Unveils Plans For Second Economic Stimulus Package

by Mary Swire, Tax-News.com, Hong Kong

16 December 2008


The Indian government is preparing to announce the introduction of a second economic stimulus package, which will incorporate the sectors untouched by the implementation of the first package, it has come to light.

Last week, the country's Commerce Minister, Kamal Nath, indicated that the second package will be aimed at boosting India's engineering, textile and agricultural sectors.

Additionally, Nath has hinted that the new package will generate bigger indirect tax rebates for exporters.

Nath also assured companies that the new package would concentrate on providing them with the necessary finances needed to keep them afloat during the ongoing global credit crisis.

The credit crisis has already started to have an impact upon the output of India's industrial sector, with figures revealing that production dropped by nearly 7% between April and October this year.

In addition to the promises made by Nath, the government has also pledged to try to increase the amount of excise duty and central sales tax rebates it redistributes to exporting companies.

Nath has also hinted that this second economic stimulus package is likely to be followed by a third, which the government hopes to implement before the general election in May 2009.


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