Singh in New Delhi on Tuesday. (AFP)

New Delhi, Dec. 2: The Centre is likely to announce a cocktail of fiscal and monetary sops this week to bail out housing, exports and financial firms.

At its meeting tonight in the backdrop of the Mumbai terror attacks, a committee, chaired by Prime Minister Manmohan Singh, brainstormed on the possible pep pills, which include an interest rate cut by the Reserve Bank of India (RBI).

Singh, home minister P. Chidambaram, RBI governor D. Subbarao and Planning Commission deputy chairman Montek Singh Ahluwalia were at the meeting.

“Simultaneous packages for finance, exports and housing will be announced by the government and the Reserve Bank probably by the weekend,” an official said.

For exporters, there may be interest relief and incentives in insurance.

In infrastructure, World Bank funds could go to India Infrastructure Finance Company Ltd, which will increase the availability of loans.

Norms on loans by foreign entities to real estate companies may be eased, allowing the companies to overcome a liquidity crunch.

Also under discussion are recast of realtors’ debt and a reduction in home loan rates.

Officials said the government was keen to ensure continuous funding for infrastructure and planned to earmark Rs 50,000 crore for core projects.

The committee of secretaries, headed by finance secretary Arun Ramanathan, is expected to meet the cabinet secretary tomorrow to fine-tune the package. The RBI governor and the finance secretary are also likely to meet this week to discuss the package.

Today’s meeting of the high-level committee follows the government’s announcements yesterday that exports fell 12 per cent in October.

Exports for the month fell to $12.82 billion from $14.59 billion in 2007 because of tight credit conditions and a weak demand. Imports were up 10.6 per cent to $23.36 billion, pushing trade deficit higher by over 61 per cent to $10.53 billion.