India Inc on Wednesday asked the government for another stimulus package to mitigate the impact of the economic slowdown. The demand is
for further cuts in interest rates, easing of export barriers and restriction on imports of steel, cement, chemicals and textiles.
In a meeting with the Cabinet secretary, captains of the industry highlighted problems being faced by sectors such as housing, construction, steel, cement and gems & jewellery on the back of a slowdown in demand. The meeting was also attended by the finance secretary, commerce secretary, department of industry policy & promotion secretary and Planning Commission deputy chairman.
“The situation of the industry is grim and so a series of incremental measures is required to restore the confidence of investors and consumers. We have asked the government to cut interest rates, particularly on housing loans, to 6-7% to boost domestic demand,” said Ficci senior vice-president and JK Paper MD Harshpati Singhania.
Steel Authority of India chairman SK Roongta, who represented the steel industry, demanded import duty on steel should be increased to 15% from 5% and that export sops such as the duty entitlement pass book benefits should be restored to make domestic players competitive in the global market.
Source:http://economictimes.indiatimes.com/Economy/India_Inc_wants_another_stimulus_deal/articleshow/3854341.cms (edited)
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