The Indian government is the latest to announce a fiscal stimulus package.

It has cut excise duties by 4% across the board and is planning a cash injection to boost domestic demand in the economy.

Manufacturers in some of the major sectors, including leather, have reportedly planned cuts in production ranging from 10-50% between November 2008 and March 2009 owing to a fall in demand in the wake of the global economic downturn. As a result, the growth of the manufacturing sector could slow down even further in the coming months.

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