Rs 20,000cr from Indian Govt. to boost economy
Sunday, December 7, 2008 Labels: Current Affairs, Economy 0 commentsThe Indian government announced major tax cuts across the board to boost demand and allocated additional funds and incentives. RBI on Saturday announced a four per cent cut in ad-valoram duty across the board, to boost additional spending, besides enhanced credit for exporters, along with a Rs 10,000 crore mop up for India Infrastructure Finance Company.
It also includes a expenditure plan up to Rs 20,000 crore in current year; total spending in four months till March expected at Rs 300,000 crore. A series of steps to boost exports; Rs 350 crore additional funds for export incentives; back-up guarantee to ECGC for up to Rs 350 crore; to be allowed refund of services in some areas.
The package also includes import duty on Naptha for use in power sector as well as export duty on iron ore to be eliminated. India Infrastructure Finance Company to raise Rs 10,000 crore through tax-free bonds by March 2009.
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