As President Elect Barack Obama weighs a $800 billion stimulus package, investors in India are cheering a $4 billion stimulus package by the Indian government directed at infrastructure projects and tax cuts.
As President Elect Barack Obama weighs a $800 billion stimulus package, investors in India are cheering a $4 billion stimulus package by the Indian government directed at infrastructure projects and tax cuts.
The Reserve Bank of India also slashed benchmark repo rate, at which the central bank makes short-term loans to commercial banks, by a full percentage point from 7.5 percent to 6.5 percent.
Analysts are predicting a marked slowdown in India's growth after years of heady increases in GDP. Goldman expects GDP growth to fall to 6.7 percent in 2009 and 5.8 percent in 2010.
India's stimulus package is paltry compared to China, which recently announced a $586 billion national plan.
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