No more stimulus package: Montek

Planning Commission Deputy Chairman Montek Ahluwalia on Tuesday ruled out any more stimulus package for industry as the Budget has given a substantial boost to the slowing economy.

"The Budget includes a very stringent boost, plan expenditure and investment . . . We don't need any more stimulus packages," Ahluwalia told reporters in New Delhi.

"We should concentrate on implementing what is there," he said.

The government has cut excise duty by 6 per cent and service tax by 2 per cent in three stimulus packages. Besides, the fourth stimulus package was given in the Budget for 2009-10.

Speaking on the rains, 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.