No hasty withdrawal of stimulus packages: Pranab
Kolkata: India will not withdraw in a haste its fiscal stimulus packages, announced in three tranches since last December, in line with the decision taken by the leaders of G20 countries, Finance Minister Pranab Mukherjee said Thursday.
`Stimulus has been injected to boost the economy. Unless the full recovery is possible and planners are in a position to make hard assessment that it is time to withdraw, then and then only it will be withdrawn,` the finance minister said.
`And the situation has not yet arrived.`
Speaking at the inauguration ceremony of the 23rd Industrial India Trade Fair here, he said a consensus in this regard had been reached during the G20 Pittsburg Summit, where India was represented by Prime Minister Manmohan Singh.
`It was decided by the major governments of the world that the stimuli that was injected in the economy have to be reviewed and no hasty exit policy should be adopted,` Mukherjee said.
Mukherjee said India`s exports were down for 13 consecutive months from October 2008 but that it had started recovering from November 2009.
`It (falling exports) was not due to inadequate domestic support for expansion of export, it was because there was no recovery in Europe and North America and Japan, where 62 percent of Indian exports are destined.`
According to him, the World Bank, Asian Development Bank and International Finance Corp should come out with financial aid for these developed countries.
`Before thinking of withdrawing stimulus packages all these concerns are to be addressed,` Mukherjee said.
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