Government to inject Rs.1 trn to prevent recession: CongressJanuary 5th, 2009 - 9:52 pm ICT by IANS
New Delhi, Jan 5 (IANS) The Congress party Monday said the government has decided to inject Rs.1 trillion (Rs.100,000 crore) in association with the private sector in the Indian economy to stimulate internal demand to insulate it from the effects of global recession.”In the next 100 days, the United Progressive Alliance (UPA) government has decided to inject Rs.1 trillion in the Indian economy to stimulate internal demand to keep it insulated from the world recession. This would be done in association with the private sector,” Manish Tewari, Congress spokesperson, told reporters.
Tewari said the decision was taken on the advice of UPA chairperson Sonia Gandhi.
“UPA has taken the decision to provide stimulus to the Indian economy on the advice of Sonia-ji. This is to increase productivity, control inflation and increase employment opportunities,” he said.
Tewari also said the UPA government has been successful in not letting the world recession impact the Indian economy.
“The UPA government has acted as a wall against the world economic recession and hasn’t let it impact the Indian economy. We have been able to manage average growth rate of 8.9 percent during the period of 2004-2009 against 5.8 percent during the National Democratic Alliance regime (1999-2004),” Tewari said.