The Reserve Bank of India (RBI) is likely to cut repo and reverse repo rates on Saturday. However, a CRR cut, sources added, is unlikely. External commercial borrowings (ECB) norms could be eased further too, they said, adding that the RBI is also likely to ask banks to cut deposit rates.
The government, sources said, is expected to announce a fiscal package for the housing, auto and export sectors. Sources added that while the export package would cost the government Rs 2000 crore, an additional budgetary support for the infrastructure could be to the tune of Rs 15,000 crore and there may be a special line of credit for non-banking financial companies, the housing and auto sectors.
Across the board, an excise duty reduction is likely on commercial vehicles, sources said. The government export target for FY09 is likely to be around USD 175 billion, they added.
Disclaimer: Not confirmed news.. only the info to the news agencies
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