Monday, May 25, 2009

Priority Likely For A Reform-Oriented Budget - May 25, 2009

After a clear mandate for the congress led UPA government in the recently held general elections, Pranab Mukherjee is back at North Block as full-time Finance Minister of the UPA government. However, now the prime task of Mr. Mukherjee after assuming the charge on Monday would be to unveil a reform as well as a growth-oriented budget for the entire fiscal that aimed at putting back the economy on track which has been hit by the global financial crisis.

For Mr. Mukherjee the presentation of the budget would mark the completion of an unfinished task and an exercise in continuity as he had earlier hinted at the economic policies and specific programmes.

As the validity of the interim budget (vote-on-account) expiring on July 31 technically, so the government has to ensure that the parliament approved the budget by that date so as to facilitate further spending from August 1. Otherwise, yet another vote-on-account for a shorter term would be essential.

Speaking to the media here after the allocation of portfolios, he said: "[The] Indian economy is resilient, strong and we shall have to build up and come back to the growth track as early as possible.

We will be able to, I hope, present the budget in due time so that uncertainties can be avoided and time of spending can be renewed…We will address all major issues. Various efforts will be made to insulate the Indian economy from the adverse impact of financial meltdown."

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