"This is a crisis that has been thrust upon us not because of internal developments, but because of truly exceptional circumstances in the world economy.I think it’s also clear the crisis is not going to end in the current year.We should expect from all the global projections that next year is going to be a very difficult one for the global economy, the year 2009."
That was Planning Commission deputy chairman Montek Singh Ahluwalia, announcing the second instalment of the government’s fiscal stimulus.
However, opinions vary on the subject; some other economists expect growth to be more robust next fiscal.
This is the final stimulus package, said Mr Ahluwalia. So the next package, if any, will have to wait for a new government to be installed at the Centre — by June 2009, that is.
The moot point is whether the growth momentum set off by the fiscal and monetary policies announced so far would sustain and build on itself.
Suresh Tendulkar, chairman, Prime Minister's Economic Advisory Council:
"If the government succeeds in pushing implementation of infrastructure projects,cash-rich corporates, though bottom lines of some are hit, they are still cash-rich, keep the flow of services and goods moving andeconomic agents (banks, investors and borrowers) take objective decisions,the economy can grow at a rate of at least 7.5% in next financial year."
To read more, please, visit - The Economic Times
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