“According to our manifesto, the new Government is required to present the Union Budget within 45 days of coming to power, he said.
The Budget would be presented in the first week of July. The regular budget 2009-10 exercises are underway in full swing.
The government would keep in mind the fiscal prudence while taking steps for reviving the economy.
He said that a major consequence of the global financial crisis had been the loss of confidence among industry and business. Various coordinated steps taken by the government and the RBI had stabilised the economy in a short period of time. The economic system was keenly looking forward to a stable and effective government to steer it out of the current situation.
We are assessing the impact of three doses of economic stimulus we announced in December, in January and in the Interim Budget, he said. Sustained stimulus to growth can be harnessed by the next round of economic reforms for which government would prepare a concrete short-term and medium-term vision and strategy for India's economic growth.
Industry and business have been hurt by the cost of finance and its easy availability. While much has been done in the last 8 months and international capital flows have resumed, the cost and the speed with which finance can be accessed remains a matter of concern.
Mr Mukherjee said that the pipeline of infrastructure projects will be re-appraised and made more robust. Where necessary, policy and procedures will be calibrated to give a boost to infrastructure spending.
He said that the country needed to seize the opportunity presented by the current circumstances for pushing long pending reform measures. These include measures in the area of financial sector and real economy, to make the economy more competitive and the economic regulatory and oversight system more efficient, quick and responsive to global developments.
Mr Mukherjee said that the recently passed amendments to the Prevention of Money Laundering Act by Parliament would be brought into force to make India's Anti- money Laundering regime stronger.†#
Indian economy
Reviving the growth momentum is the top priority
Budget will be tabled in the first week of July
Dr Gyan Pathak - 27-05-2009 10:06 GMT-0000
New Delhi: In his first press conference after joining office on 25th May, 2009, the new Finance Minister Pranab Mukherjee said that reviving the growth momentum of Indian economy reeling under the global financial crisis was the top most priority of the UPA Government.