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Highlights of the economic package

Source: PTI
December 07, 2008 20:29 IST
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Following are the highlights of the mega-stimulus package announced by the government to boost the economy:

  • Additional plan expenditure of up to Rs 20,000 crore (Rs 200 billion)
  • Excise duty reduced across the board by 4 per cent.
  • IIFCL authorised to raise Rs 10,000 crore (Rs 100 billion)  via tax-free bonds.
  • PSU banks to announce package for borrowers of home loans.
  • Rs 350 crore (Rs 3.50 billion) additional funds for export incentives.
  • Back-up guarantee to ECGC for up to Rs 350 crore.
  • 2 per cent interest subvention for labour-intensive exports.
  • Rs 1,100 crore (Rs 11 billion) to ensure full refund of Terminal Excise duty.
  • Additional Rs 1,400 crore (Rs 14 billion)  for textile sector under TUF Scheme.
  • The guarantee cover for loans to MSME doubled to Rs 1 crore (Rs 10 million).
  • The lock-in period for such collateral-free loans reduced.
  • Government departments allowed to take up replacement of vehicles.
  • Import duty on naphtha for power sector eliminated.
  • Export duty on iron ore fines eliminated.
  • The economy will continue to need stimulus in next fiscal.
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