Godrej asks government to offer stimulus package

November 16th, 2008 - 7:27 pm ICT by IANS  

New Delhi, Nov 16 (IANS) Consumer goods major Godrej Group has urged the government to offer a “stimulus package” on the lines of China to help domestic companies sustain their growth momentum, a top official said here Sunday. “Some sectors like properties have been hit majorly due to the economic slowdown,” Godrej Group chairman Adi Godrej told reporters on the sidelines of the World Economic Forum-India Economic Summit.

However, the consumer goods segment is still growing, he added.

Godrej asked the government to offer a package like the $586-billion stimulus package announced by China recently to boost the economic growth in that country.

China’s move is aimed at boosting domestic consumer demand amid falling exports due to the global downturn.

While India, too, has taken several measures, including easing credit availability by cutting key policy rates, the industry has said these were not enough, and sought greater access to funds.

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