India’s economic stimulus will have to wait until after the May general elections.
Finance Minister Pranab Mukherjee presented an interim budget to parliament that eschewed both new stimulus spending and tax cuts. Mukherjee said the initiatives would be left to the new government.
Earlier the government announced a modest $4 billion fiscal stimulus package, which is paltry compared to similar initiatives in the United States and China. India’s economic growth fell to 7 percent in 2008 from 9 percent in recent years. The Indian stock market has tumbled 56.5% in the past 14 months
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