Market tanks as stimulus hopes dim; CEA asks companies to change mindset

Stocks slid more than 1.5% on Thursday as comments from key policymakers failed to assure investors that the government was serious about taking steps to revive economic growth.

A slowdown in Asia's third-largest economy has dampened demand for everything from cars to underwear, with the crucial automobile manufacturing sector hit particularly hard, prompting calls from companies for a fiscal stimulus. Chief economic adviser Krishnamurthy Subramanian said companies should not depend on the government for a stimulus and need.

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