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Tata Motors welcomes fiscal package

Tata Motors welcomes fiscal package
PTI
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First Published: Fri, Jan 02 2009. 09 55 PM IST
Updated: Fri, Jan 02 2009. 09 55 PM IST
Mumbai: Auto major Tata Motors Friday welcomed the fresh fiscal package announced by the government and said it should be ensured that liquidity reaches customers at reasonable costs.
The package would help the commercial vehicles sector which has also been affected by the economic slowdown, Tata Motors Managing Director Ravi Kant said in a statement.
“We welcome the positive steps announced in the fiscal package. The government needs to work on ensuring that ultimately liquidity reaches customers at reasonable costs.”
Although, some steps declared Friday would help commercial vehicles, the government needs to take many more measures to substantially stoke demand as that has gone in a reverse gear, he said.
“We will continue to expect more positive measures forthcoming from the government,” Kant said.
The government announced a fresh stimulus to reverse the economic slowdown, taking its total revenue loss to Rs40,000-crore, through higher public spending and easier credit especially for exports, housing and small industries.
Simultaneously, RBI slashed key policy rates and ratios to pump in an additional Rs20,000 crore into the banking system, while government asked PSU banks to increase credit targets to ensure maximum fund disbursals at the least cost, particularly when inflation is ebbing.
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First Published: Fri, Jan 02 2009. 09 55 PM IST