Government aiming to bring fiscal deficit down to 4 percentSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said the government planned to scale down fiscal deficit to 4 percent by 2012. "We should try to bring down the fiscal deficit to 5 percent in 2011 and 4 percent by 2012," Mukherjee said in an address at the 155th annual general meeting of the Bengal Chamber of Commerce and Industry here.
Economy will grow over 6 percent this fiscal, says MukherjeeSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said the country's economy would grow over 6 percent this fiscal and that the government planned to scale down fiscal deficit to 4 percent by 2012. "During the first quarter, the GDP (gross domestic product) grew by 6.1 percent and we expect it to grow a little better in the second quarter.
Stimulus measures showing results, says MukherjeeJuly 15th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Wednesday told the Rajya Sabha that the result of the stimulus measures have started showing results with recovery in many sectors. "The stimulus measures have started yielding results and I must say it is visible but it is slow, the minister said in his reply during the debate on the national budget in the Rajya Sabha, the upper house of the parliament.
Indian economy recovering, deficit inevitable: Mukherjee (Roundup)July 14th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Tuesday said the Indian economy was showing signs of recovery even as he defended the government's high fiscal deficit and borrowing programme as necessary to fund welfare schemes and spur growth. Replying to the debate on the national budget in the Lok Sabha, the lower house, he also categorically said the United Progressive Alliance (UPA) government remained committed to divesting stakes in state-run firms without diluting their public sector character.
High government borrowing won't crowd out funds to industry: MukherjeeJuly 11th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Saturday sought to allay apprehensions that high government borrowings to fund welfare and infrastructure programmes will crowd out credit to industry and said loans at competitive prices will continue to be made available to India Inc. "We will meet the requirements of the private sector from the market," the finance minister told reporters here after a post-budget meeting with the top brass of the Reserve Bank of India (RBI) here.
Government set to spend more to boost economic growth: MukherjeeJuly 11th, 2009 NEW DELHI - Union Finance Minister Pranab Mukherjee on Saturday said that the government would resort to more borrowings to increase 'public expenditure' for a higher economic growth. The minister said this while addressing the Central Board of Directors of the Reserve Bank of India here in the national capital on Saturday.
Mukherjee says Govt. to strive hard to bring down fiscal deficitJuly 7th, 2009 NEW DELHI - The government on Tuesday reiterated its commitment to come back to the higher growth path as fast as possible. Speaking at an interactive session with industry leaders in New Delhi, Finance Minister Pranab Mukherjee said that the growth has to be inclusive and not only in statistical terms.
Recovery dependent on global turnaround: MukherjeeJuly 6th, 2009 NEW DELHI - 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.
India's increased spending will inflate budget deficit to 6.8 percent of GDP, worrying marketsJuly 6th, 2009 To spur growth, India sees budget deficit growingMUMBAI, India — Aiming to revive economic growth, India's government said Monday increased spending in its new budget would inflate the fiscal deficit to 6.8 percent of the country's gross domestic product. Stocks plunged on concerns about a ballooning budget deficit and disappoinment that Finance Minister Pranab Mukherjee stopped short of annoucing any new liberalization measures.
Mukherjee to state finance ministers: Find ways to bring economy on higher growth pathJune 11th, 2009 NEW DELHI - Union Finance Minister Pranab Mukherjee today appealed to find ways to bring the economy on the higher growth path without increasing fiscal deficit. Addressing a conference of state finance ministers as part of a pre-budget here, Mukherjee said the Central Government would focus on infrastructure, agriculture and employment generating sectors to promote growth and protect jobs.
Mukherjee pushes for growth with fiscal prudenceJune 11th, 2009 NEW DELHI - The government must aim for growth with fiscal prudence, Finance Minister Pranab Mukherjee said here Thursday, even as he pushed for a pan-India goods and services tax from April next year. High levels of fiscal deficit are not sustainable in the medium to long term, both for the states and the centre, the finance minister told a pre-budget conference with finance ministers of states and union territories.
India's fiscal deficit may increase: Goldman SachsFebruary 21st, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.
India's fiscal deficit may increase: Goldman SachsFebruary 19th, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.
High fiscal deficit inevitable, says governmentFebruary 15th, 2009 NEW DELHI - The government Monday said high fiscal deficit was inevitable given the global economic scenario and increasing public expenditure. External Affairs Minister Pranab Mukherjee in his interim budget speech pegged the current fiscal's deficit at 6 percent of the gross domestic product (GDP), but hoped that it would come down to 5.5 percent in next financial year.
India second fastest growing economy: Pranab MukherjeeFebruary 15th, 2009 NEW DELHI - Despite the global economic slowdown, India is the second fastest growing economy in the world and has recorded a sustained growth of over 9 percent for three consecutive years for the first time, External Affairs Minister Pranab Mukherjee said Monday. Presenting the interim budget in the Lok Sabha, Mukherjee said the gross domestic product (GDP) has increased by 7.5 percent, 9.5 percent, 9.7 percent and 9 percent, respectively, in the four fiscal years between 2004-05 and 2007-08.
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