mega-stimulus package

Following are the highlights of the mega-stimulus package announced by the government to boost the economy:
Additional plan expenditure of up to Rs 20,000 crore (Rs 200 billion)
Excise duty reduced across the board by 4 per cent.
IIFCL authorised to raise Rs 10,000 crore (Rs 100 billion) via tax-free bonds.
PSU banks to announce package for borrowers of home loans.Rs 350 crore (Rs 3.50 billion) additional funds for export incentives.
Back-up guarantee to ECGC for up to Rs 350 crore.
2 per cent interest subvention for labour-intensive exports.Rs 1,100 crore (Rs 11 billion) to ensure full refund of Terminal Excise duty.
Additional Rs 1,400 crore (Rs 14 billion) for textile sector under TUF Scheme.
The guarantee cover for loans to MSME doubled to Rs 1 crore (Rs 10 million).
The lock-in period for such collateral-free loans reduced.Government departments allowed to take up replacement of vehicles.Import duty on naphtha for power sector eliminated.Export duty on iron ore fines eliminated.The economy will continue to need stimulus in next fiscal