Reviving economy growth momentum top most priority of govt

Reviving economy growth momentum top most priority of govt; fiscal prudence has also to be kept in mind; will meet bankers to discuss interest rates; growth of 6.5-7% is respectable rate: Pranab Mukherjee

Finance Minister Pranab Mukherjee took charge today. In a press conference, he said that the government will try to complete the budget process before July 31 and will present budget in the first week of July. He said that reviving the economy growth momentum is the top most priority of the government. Fiscal prudence has also to be kept in mind.He said that coordinated global steps have stabilised the world economy. The government is assessing an impact of 3 doses of economic stimulus which have been given already. Industrial business has been hurt by the cost of funds and availability. He want the banks to commit to more benign plan of action. He said that he will meet the bankers to discuss the interest rates.

He further said that the government will focus on infrastructure in the Union Budget. The pipeline of infra projects will be re-appraised. Budget will streamline the norms to boost the core sector investment. He said that the government is focussed on fiscal consolidation over the next 2-3 years. The government will address long pending measures for financial sector and will make anti-money laundering regime stronger. Incremental government borrowing will continue this fiscal year.

He said that the government is trying to avoid the need for another vote on account. He feels that the growth of 6.5-7% is a respectable rate. Debt management office is under consideration. He hopes that the banks will take advantage of RBI rate cuts. The government will address export oriented sectors like Textiles, Jewellery & Leathers, he added.

No related posts.