New Delhi, Mar 28 : Deputy Chairman of Planning Commission Montek Singh Ahluwalia has acknowledged the need for another stimulus package for reviving the economy in next fiscal.

Talking to the reporters on the sidelines of a function in New Delhi today to mark the release of a report on Competition and Regulation in India, Ahluwalia revealed that this could be considered in the budget after the General Elections.

On Thursday, the Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia confirmed that a dire need of help was required by the apparel industry and that he would suggest some sort of stimulus package in order to protect jobs and interest of those who are linked with the industry.

The slowdown and recession in export markets has adversely affected the industry and even has put negative impact on millions of jobs and investments.

New Delhi, Feb 4 : The high fiscal deficit will not in any way hamper the flow of foreign investments, said Deputy Chairman of the Planning Commission Montek Singh Ahluwalia.

He admitted that the fiscal deficit could rise but this should not be construed as slowdown in the economy.

Ahluwalia said high fiscal deficit due to economic down turn is a global phenomenon and India is no exception.

Replying to a question on job loses, he said when the growth rate has come down to seven percent in place of 8-9 percent, and this is quite possible.

Since The Union Government has announced the second fiscal stimulus package on Friday to sustain the adequate growth rate. It contains measures to provide credit at low interest rates, higher public spending and easing liquidity and export import related concessions to propel the economic growth and mitigate the impact of global slowdown. The Reserve Bank has also announced key interest rate revision as a part of this fiscal package.

The Union Government may announce some fiscal measures in the form of a second economic stimulus package in a few days to propel the growth of economy.  It had earlier announced the first stimulus package on December 7 and taken various measures to mitigate the impact of global slowdown. Reserve bank is also likely to cut interest rates as part of the second proposed stimulus package.

Since the global slowdown will continue in 2009-10, Indian economy will need booster package in the next fiscal too, according to the planning commission.

Montek Singh Ahluwalia, deputy chairman, planning commission said, “It is certainly my view that the need for fiscal stimulus will not end this fiscal and will go beyond that. Since global slowdown will continue next year also, fiscal stance that needs to be considered should not be just for this fiscal but also for the next year.”