Ahluwalia rules out any more stimulus packages

New Delhi, July 21 (ANI): The Deputy Chairman of the Planning Commission, Montek Ahluwalia, on Tuesday said that since the budget has given a substantial boost to a slowing economy, there won't be any more stimulus packages for industry.

"The Budget includes a very stringent boost, plan expenditure and investment. We don't need any more stimulus packages. We should concentrate on implementing what is there," Ahluwalia said.

The Government has cut excise duty by six percent and service tax by two percent in three stimulus packages. Besides, the fourth stimulus package was given in the Budget for 2009-10.

Speaking about the monsoon deficiency, he said: "Monsoon has improved; there was deficient rainfall but deficiency was more earlier-it has reduced now, (and) the monsoon has not ended yet, I think we should wait and see the entire month of July."

He said if there is continuous improvement in July, the situation will not be that bad.

About the impact of the delayed monsoon on GDP, he said, "Now it is too early to say about the condition of the monsoon; this is true that so far there is a problem but the impact of this could be ascertained only when we come to know the total deficiency in rainfall; if it is 5-10 percent deficit then there would not be much impact."

On the rising prices of food articles and other commodities, he said although wholesale price inflation is negative, prices of some commodities have surged. (ANI)