INDIA: Finance Minister Pranab Mukherjee arrives at the parliament to present the 2010/11 general budget
Record ID:
1372132
INDIA: Finance Minister Pranab Mukherjee arrives at the parliament to present the 2010/11 general budget
- Title: INDIA: Finance Minister Pranab Mukherjee arrives at the parliament to present the 2010/11 general budget
- Date: 27th February 2010
- Summary: NEW DELHI, INDIA (FEBRUARY 26, 2010) (ANI) EXTERIOR OF FINANCE MINISTRY PLAQUE INDIA'S FINANCE MINISTER PRANAB MUKHERJEE COMING OUT MUKHERJEE SHOWING THE BRIEFCASE THAT CONTAINS THE BUDGET DOCUMENTS INDIA'S JUNIOR FINANCE MINISTER NAMO NARAIN MEENA STANDING WITH MUKHERJEE MUKHERJEE WAVING TO THE CAMERAS EXTERIOR OF THE INDIAN PARLIAMENT SECURITY CHECK BEING CONDUCTED ON THE SACKS CONTAINING THE BUDGET PAPERS SNIFFER DOGS AND SECURITY MEN CHECKING THE BAGS CONTAINING THE BUDGET PAPERS SACKS WITH BUDGET PAPERS ***CONTAINS FLASH PHOTOGRAPHY*** INDIA'S FEDERAL MINISTER FOR HEAVY INDUSTRIES VILASRAO DESHMUKH ENTERING THE PARLIAMENT INDIA'S NEW AND RENEWABLE ENERGY MINISTER FAROOQ ABDULLAH ENTERING THE PARLIAMENT MUKHERJEE ARRIVING AT THE PARLIAMENT MUKHERJEE POSING FOR THE CAMERAS AS HE HOLDS THE BRIEFCASE CARRYING BUDGET PROPOSALS MUKHERJEE WITH THE BRIEFCASE MUKHERJEE GOING INSIDE THE PARLIAMENT
- Embargoed: 14th March 2010 11:35
- Keywords:
- Location: India
- Country: India
- Topics: Domestic Politics
- Reuters ID: LVA1TRHMH5TR9U7S1TZE2U66T07C
- Aspect Ratio: 4:3
- Story Text: Indian Finance Minister Pranab Mukherjee arrived at the parliament house on Friday (February 26) with the famed brown briefcase carrying proposals for this year's annual budget amid expectations that he will slash the deficit as the economy rebounds and take steps to curb inflation.
A flurry of photographers and cameramen greeted the veteran leader as he arrived on the red sandstone steps of India's colonial era Parliament house building.
Economists polled by Reuters forecast Asia's third-largest economy would cut its fiscal deficit to 5.6 percent of GDP in the year starting April 1, from a target of 6.8 percent in the current year, a 16-year high.
Government borrowing was forecast to rise by another 2.2 percent to 4.61 trillion rupees ($99.5 billion U.S. dollar), according to the Reuters poll.
Indian federal bond yields rose late on Thursday (February 25) after Planning Commission Deputy Chairman Montek Singh Ahluwalia said strong growth in 2010/11 could absorb higher borrowing, raising concerns that the government may be looking to tap markets for more than had been expected.
Calls for fiscal discipline have gained urgency as inflation is forecast by some economists to reach 10 percent in coming weeks as high food prices stoke further increase.
Mukherjee was expected to count on surging economic growth, which his ministry forecasts will grow by 8.5 percent in the next fiscal year, as well as higher revenues from sales of government company stakes and 3G mobile licences to forestall the need for spending cuts.
The government growth target for next year exceeds the 8 percent forecast in a Reuters poll of economists in late January.
Mukherjee, scheduled to begin speaking at 11 a.m. (0530 GMT), was expected to unveil gradual measures to roll back fiscal stimulus measures that were implemented to ease the pain of the global downturn, including tax breaks to several sectors.
He may also unveil plans to address shortfalls in food production and distribution that have been a key driver of inflation, as well as initiatives to address India's chronic infrastructure deficit. - Copyright Holder: ANI (India)
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