Monday, November 29, 1999

`Rs 80,000 cr was used to perk up economy`

News posted by www.newsinfoline.com

Finance Minister Pranab Mukherjee today said that the government had to inject Rs 80,000 crore into the economy to minimise the impact of the global slowdown."We had to inject Rs 80,000 crores as stimulus package to overcome the crisis, which helped arrest further deterioration of the Indian economy," Mukherjee said while delivering a speech at a function organised by a newspaper here.He also said he wants to bring the fiscal deficit down to 5.5 per cent from 6.7 per cent.Mukherjee said that the plan expenditure rose to Rs 2.45 lakh crore from 2.27 lakh crore and then to Rs 3.20 lakh crore and now is at Rs 3.73 lakh crore.India's exports to America and Japan that accounts for 60 per cent of total exports, will not pick up for another few months, Mukherjee said.

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