No plan to provide stimulus to promote growth: FinMin

Written by Press Trust of India | New Delhi | Updated: Sep 24 2013, 02:42am hrs
The government today said that it is not planning any special stimulus for the corporate sector to tide over the current economic woes.

"I have not heard of any such plan," Economic Affairs Secretary Arvind Mayaram said on the sidelines of a function when asked whether the government was working out any stimulus for certain sectors which are reeling under the impact of slowdown.

There were reports that the Finance Ministry and the Reserve Bank of India (RBI) were working out a special stimulus package to provide funding at lower interest rates to certain key sectors of the economy to boost growth.

India's growth rate slipped to a decade's low of 5 per cent during 2012-13 and in the first quarter of the current fiscal it worked out to be 4.4 per cent.

Prime Minister's Economic Advisory Council (PMEAC) in its recent report lowered the growth forecast to 5.3 per cent for the current fiscal from 6.4 per cent it had projected earlier in May.

The Reserve Bank too had cut the growth projection to 5.5 per cent from 5.7 per cent.