Rs 75,000 crore boost to economy
New Delhi: A Rs 75,000 crore booster shot for the Indian economy is what the Government is estimated to shell out in phases to maintain growth and bail out sectors hit hard by the global recession.
Commerce Minister Kamal Nath said, "The Government is looking at an ecomomic stimulus package and this will not be just one package. There will be a first part of it and a second part of it."
Out of the Rs 75,000 crore, about Rs 2,000 crore -- in the form of credit lines and subsidy on bank loans -- will go to exporters, who have borne the brunt of the global economic slowdown.
A cut in excise duty on commercial vehicles is also on the cards. This will benefit automakers whose sales have dipped more than 50 per cent over the past few months, thanks to the financial crunch and high interest rates.
A Rs 15,000 crore budgetary support is also expected for infrastructure projects.