Next fiscal will be ‘very difficult’: Montek

All indications for the next fiscal year pointed to a “very difficult year” globally, Montek Singh Ahluwalia, deputy chairman of the Planning Commission said on Friday.Montek reiterated that the government would take more steps to shore up the Indian economy.

Montek Singh Ahluwalia, announcing the second stimulus package intended to boost the slowing Indian economy, said there would be no further fiscal stimulus measures in the current fiscal year.

“We should expect, from all the global projections, that the next year is going to be a very difficult year for the global economy,” he told reporters.

“We have to keep in mind the need for contra-cyclical fiscal policy and monetary policy will continue into the next financial year also.”