India to unveil 2nd economic stimulus package next week

India's government will unveil a second fiscal stimulus package next week in a bid to boost growth and cushion labor-intensive industries that rely on exports from the slump in global demand, Commerce and Industry Minister Kamal Nath said. The minister's comments come in the wake of weak infrastructure output growth, which slowed to 3.4% in October from a 4.8% expansion in September. Core sector output forms a quarter of industrial output, data for which are due Friday and widely expected to be dismal. "We have announced the first part of the stimulus package. We are now considering another package next week and it will continue. There will be more installments," Nath told reporters. Nath said the new round of fiscal measures will focus on sectors that generate high employment such as textiles, engineering goods and agriculture. "The emphasis will be on providing them credit and incentives for exports," he said, adding that he expects exports to grow between 16% and 20% this fiscal year.