India's stimulus package

Here's an interesting comparison between the various stimulus packages announced all across the globe..lets see where India stands

USA $700 billion to begin with
UK {250 billion
Germany $700 billion
France $ 50 billion
Russia $20 billion
China close to $600 billion
Japan 447 billion yen
Brazil $64 billion

and our Jai ho "India" wants to emerge out of the crisis with just $4 billion of stimulus. With our growth rates slowing down drastically and within close reach or striking distance of the hindu growth rate of 3% which our father and grandfathers enjoyed, are we doing enough to stimulate the economy. Domestic story also thrives on business confidence which is abysmally low at the moment. The stock markets are below the 2006 lows and have always been a barometer of economic confidence. They still seem to be desperately waiting for global signals to decide on trend and direction. China despite having a huge current account surplus clearly knows or has atleast come to terms with reality that its exports have been badly hit and also the fact that its banking system might be in a total mess. Look at the stimulus package they have announced to stimulate domestic demand alone to the tune of 20% of GDP. By that yardstick India should have gone for a stimulus worth $200 billion but then given our huge fiscal deficit and forex reserves a shade above $300 billion we clearly have constraints. Usage of atleast 20% of forex reserves can be contemplated upon. If we lose this opportunity to put the economy on fast track mode, we might miss out on the bandwagon effect of a global recovery.