India to announce 2nd stimulus today - govt sources

>> Friday, January 2, 2009

The government is likely to announce a second stimulus package later on Friday to help shore up an economy slowing faster than many economists had expected, two officials in the Prime Minister's Office said.

One official, who did not want to be identified, told Reuters that Montek Singh Ahluwalia, deputy head of Planning Commission, would hold a news conference at 6:00 pm to announce details of the package.

In December, Indian authorities cut policy rates, announced $4 billion in extra spending and rolled out a four-percentage point cut in factory gate duties to help lift growth trimmed by the global financial crisis and high borrowing costs at home.

Last month, Trade Minister Kamal Nath said the government was looking at liquidity issues, and more steps to help exporters, the real estate and infrastructure sectors as part of a second package. - Reuters