PM's panel makes case for partial roll back of stimulus

By raising excise duties and reducing expenditure

PTI | February 19, 2010


C Rangarajan, chairman of Prime Minister`s Economic Advisory Council
C Rangarajan, chairman of Prime Minister`s Economic Advisory Council

Ahead of the budget, Prime Minister's Economic Advisory Council (PMEAC) today made a case for a partial roll back of stimulus by way of raising excise duties and reducing expenditure - which would automatically help reduce the fiscal deficit.

"There is a case for adjustment of duties...adjustments are possible both on the revenue side and the expenditure side in order to bring down fiscal deficit," PMEAC chairman C Rangarajan told reporters after releasing the Review of the Economy 2009-10.

The Review said the economy would grow by over 7.2 percent during the current fiscal and exceed 8 percent in the next.

PMEAC member Govinda Rao said, "Partially, we need to roll back and if you partially roll back, you need to unify (excise duty and service tax rates).

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