New Delhi, Oct 8 (PTI) Pitching for continuance of the stimulus packages, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the concessions given to the industry to combat global financial meltdown need to remain till the economy achieves 7 per cent growth rate.
"We need to think now about when we should be starting to moderate our stance. But for the present, there is no case for doing anything other than continuing the stimulus," Ahluwalia told reporters here.
He said it would be a mistake to think that the world economy has recovered. "The fact is that the world economy has stopped going down, it's beginning to recover but is still quite low," he said.
For the current fiscal 2009-10, he said the country must make sure that the economy does better than 6. Continuation of stimulus urged until robust growth is secured to support fragile global recovery and economy. Continuation of fiscal stimulus is advised until the economy reaches a sustained seven per cent growth rate; concessions to industry enacted to address the global financial downturn should remain in place and stimulus moderation should be considered only after stronger growth is secured.
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Provisions expressly mentioned in the judgment/order text.
Continuation of stimulus urged until robust growth is secured to support fragile global recovery and economy.
Continuation of fiscal stimulus is advised until the economy reaches a sustained seven per cent growth rate; concessions to industry enacted to address the global financial downturn should remain in place and stimulus moderation should be considered only after stronger growth is secured.
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