In a virtual mini-budget, the government on December 07 cut Cenvat by 4 per cent across the board to boost demand. Government also announced Rs 20,000 crore additional non plan expenditure as a part of the package to stimulate the economy. The much anticipated package, set rolling by Prime Minister Manmohan Singh who is also the Finance Minister, targets to power exports, housing, auto, small and medium industries and infrastructure sectors through additional funding and guarantees that a total amount of about Rs 35,000 crore.
The 10-point package contains substantial incentives for the sectors that have been hit by the global slowdown and recession in the west, besides allowing India Infrastructure Finance Company Ltd to raise Rs 10,000 crore through tax free bonds by March as part of efforts to support Rs 1,00,000 crore programme in the high-way sector.
The 10-point package contains substantial incentives for the sectors that have been hit by the global slowdown and recession in the west, besides allowing India Infrastructure Finance Company Ltd to raise Rs 10,000 crore through tax free bonds by March as part of efforts to support Rs 1,00,000 crore programme in the high-way sector.
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