Recovery dependent on global turnaround: Mukherjee

New Delhi, July 6

Finance Minister Pranab Mukherjee Monday said recovery of Indian economy in the current fiscal would be difficult unless there were “visible improvements” in the global economic scenario.

Speaking to a television channel after presenting the union budget for 2009-10, Mukherjee said the economy would likely recover in the third quarter of 2009-10, but if the western economies did not improve, “we will take a longer period”.

Asked about the 6.8 percent fiscal deficit estimated for the financial year, he said India's deficit situation was much better compared that of the US and Britain.

“I think the fiscal deficit in the US for this year is more than 11 percent and in the UK, it's more than 16 percent. Compared to that, our 6.8 percent is better.”

Mukherjee said his goal was to achieve at least 6 percent growth in the current fiscal and bring the economy back to the high growth trajectory in coming years.

Talking about tax reforms, the minister said: "I want to do away with the plethora of tax exemptions. The focus is to make tax rates cheaper and tax return process simpler.”

Last updated on Jul 6^th, 2009 at 14:56 pm IST--IANS

Possibly related news:

Other News Headlines

Gujarat to build expressway soon

Ahmedabad, March 20

Gujarat will build it's first expressway between Ahmedabad and Bhavnagar at a cost of Rs.2,200 crore to provide superfast road connectivity to Special Investment Region.

Serious implications of strike at Haldia: Tata Chemicals

Kolkata, March 19

Issuing a veiled threat, Tata Chemicals Friday said the ongoing strike of contractors' workers at its factory in West Bengal's Haldia will have "serious implications" on the unit's future and the industrial township may not be seen as a preferred business location.

India's central bank hikes rates to ease prices (Lead)

Mumbai, March 19

In a bid to tame the price rise by sucking excess money out of the system, India's central bank Friday hiked two major policy rates by 25 basis points each, a move that industry said could impact growth.

Tax-free, deficit Mizoram budget to boost agriculture

Aizawl, March 19

Mizoram Chief Minister Lal Thanhawla Friday presented a tax free Rs.3,577.92 crore budget for 2010-11 with a deficit of Rs.26.3 crore, which gives priority to the development of agriculture and agro-based activities.

India's central bank hikes rates to ease prices

Mumbai, March 19

In a bid to tame the price rise by sucking excess money out of the system, India's central bank Friday hiked two major policy rates by 25 basis points each.

Enter Your Name and Email below and Post your comment
Name	Email:
Comment:

Please login to use this service
Usermame :
Password :
Quick signup \| Forgot Password