This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/south_asia/8538068.stm
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| India to review economy stimulus | India to review economy stimulus |
| (10 minutes later) | |
| India's government said stimulus measures introduced to boost growth during the downturn would be reviewed, as it unveiled its annual budget. | |
| The measures helped to maintain strong growth over the past year, but the authorities now say that rising prices must be controlled. | The measures helped to maintain strong growth over the past year, but the authorities now say that rising prices must be controlled. |
| The government projected an 8.7% growth rate for the current fiscal year. | The government projected an 8.7% growth rate for the current fiscal year. |
| Federal finance minister Pranab Mukherjee said the challenge was to return to 9% growth. | Federal finance minister Pranab Mukherjee said the challenge was to return to 9% growth. |
| India's economy is recovering faster than expected - it grew at an annual rate of 7.9% in the three months to the end of September 2009, after growing 6.7% in the year to the end of March 2009. | India's economy is recovering faster than expected - it grew at an annual rate of 7.9% in the three months to the end of September 2009, after growing 6.7% in the year to the end of March 2009. |
| Strong growth in India's manufacturing sector is also helping to compensate for falling agricultural output. | Strong growth in India's manufacturing sector is also helping to compensate for falling agricultural output. |
| Mr Mukherjee said the economy was now in a "far better position than a year ago". | Mr Mukherjee said the economy was now in a "far better position than a year ago". |
| "We need to reduce the stimulus, important to the economy, and move towards the preferred path of fiscal consolidation," he said. | "We need to reduce the stimulus, important to the economy, and move towards the preferred path of fiscal consolidation," he said. |
| Mr Mukherjee stressed the need to cut fiscal deficit, review public spending and cut public debt. | Mr Mukherjee stressed the need to cut fiscal deficit, review public spending and cut public debt. |
| The government also announced plans to introduce a Goods and Services Tax and reform direct taxes in April 2011. | The government also announced plans to introduce a Goods and Services Tax and reform direct taxes in April 2011. |