Govt should provide strong stimulus package for economy: Kumar Mangalam Birla

NEW DELHI: Aditya Birla Group Chairman Kumar Mangalam Birla on Friday said the government needs to do more than corporate tax cut and provide a strong fiscal stimulus for the economy. He said fiscal prudence should be shown in business but a fiscal policy is also required in the year of slowdown to counter its impact.

“I am not an economist to begin with but I think we are nearing the bottom…I don’t see credit growth to large corporates to pick up anytime soon. Most are still getting large debts in their balance sheets which I think they need to lop off. I also think there is a case for the government to give greater fiscal stimulus to the economy. Anyway FRBM Act (Fiscal Responsibility and Budget Management) provides half a per cent deviation,” Birla said at a media event here.