India Inc wasn’t expecting anything from interim budget

March 18th, 2009 MUMBAI - The Maharashtra government's interim budget for the current year, presented Tuesday, shows a yawning deficit of over Rs.84.6 billion (Rs.8,462 crore), but no new taxes have been imposed and there has been no cut on developmental expenditure. State Finance Minister Dilip Walse-Patil, unveiling the interim budget in the legislative assembly, emphasised that the Ashok Chavan-led Democratic Front government has earmarked funds to step up power generation, minimise load shedding, augmenting irrigation facilities and focussing on the social sector.

February 16th, 2009 AGARTALA - Terming the interim budget of the central government a 'poll lollipop', the Left Front government in Tripura Tuesday said it largely neglected the northeastern region. The budget is 'a political agenda ahead of the general elections and no programme to deal with the crucial economic issues of the northeastern region in view of the slowdown', Tripura Finance Minister Badal Chowdhury told reporters.

February 15th, 2009 KOLKATA - The interim budget presented by External Affairs Minister Pranab Mukherjee did not address the problem of rising unemployment in the country due to global economic crisis, West Bengal Finance Minister Asim Dasgupta said here Monday. 'The budget failed to address consequences related to global economic crisis,' he told reporters at the Writers Buildings - the state secretariat.

February 15th, 2009 NEW DELHI - Prime Minister Manmohan Singh Monday hailed the interim budget as a 'fine balancing act', and said it will stimulate growth for the country in these difficult times. 'I have no doubt that the continued stimulus for the various flagship programmes of the government will provide relief to all sections - specially the 'aam aadmi' (common man),' the prime minister said in a statement.

February 15th, 2009 NEW DELHI - The interim budget presented by External Affairs Minister Pranab Mukherjee had failed to address the economic recession, most opposition parties, including the Bharatiya Janata Party (BJP) and the Left, said Monday. Communist Party of India-Marxist (CPI-M) leader Basudeb Acharya said the budget did not address the key issues facing the country.

February 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday: * In past three years, India grew by average of over 9 percent * Per capita income expanded by 4.7 percent per annum * Fiscal deficit was brought down from 4.5 percent to 2.7 percent * Revenue deficit was cut from 3.6 percent to 1.1 percent * Exports increased 26.4 percent per annum * Foreign trade increased from 27.3 percent to 35.5 percent * Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent * Agriculture grew by 3.7 percent per annum

February 15th, 2009 NEW DELHI - External Affairs Minister Pranab Mukherjee began presenting the interim budget for the next fiscal amid expectations that measures will be announced to cushion the impact of global meltdown on the Indian economy, and help revive consumer demand. The exercise began with Mukherjee reading out his budget speech in the Lok Sabha, during which he will also seek an approval to finance the government's expenditure, till such time the regular budget is presented by a new government after elections, and passed by parliament.

February 15th, 2009 NEW DELHI - Hours after External Affairs Minister Pranab Mukherjee presented the interim budget for 2009-10, India Inc. said Monday that the budget failed to live up to expectations, but welcomed the higher spending in social and infrastructure sectors, saying it will become the 'main source of demand generation'.

February 15th, 2009 NEW DELHI - Home Minister P. Chidambaram Monday praised the interim budget tabled in parliament, saying Minister for External Affairs Pranab Mukherjee had done a commendable job given the difficult times facing the Indian economy.

February 15th, 2009 NEW DELHI - The following are the reactions from some prominent industrialists and economists to the interim budget presented by External Affairs Minister Pranab Mukherjee here Monday: Nandan Nilekani, co-chairman, Infosys: (It was) more of a report card on the government in the last five years than any specific new proposal. Anything which has a new dimension will probably come in only after the new government comes in.

February 15th, 2009 NEW DELHI - The following are the reactions from some prominent industrialists and economists to the interim budget presented by External Affairs Minister Pranab Mukherjee here Monday: Nandan Nilekani, co-chairman, Infosys: (It was) more of a report card on the government in the last five years than any specific new proposal. Anything which has a new dimension will probably come in only after the new government comes in.

February 15th, 2009 NEW DELHI - Reacting to criticisms over lack of measures in the interim budget presented Monday, Planning Commission Deputy Chairman Montek Singh Ahluwalia said in an election year, an incumbent government had the mandate only to present a vote on account. 'I think this is a failure to understand the limitations of an interim budget,' Ahluwalia said, soon after industry and average citizens complained that the interim budget tabled in parliament by External Affairs Minister Pranab Mukherjee had no specific measures on tax rates or to help cushion the impact of global slowdown.

February 15th, 2009 NEW DELHI - External Affairs Minister Pranab Mukherjee did not present a populist budget as the United Progressive Alliance (UPA) government had done a 'tremendous job' and does not need to play to the gallery, the ruling Congress maintained Monday. Mukherjee observed 'constitutional propriety' while presenting the interim budget, Congress spokesperson Manish Tewari said.

February 12th, 2009 RAIPUR - The interim railway budget presented Friday by Railways Minister Lalu Prasad has let down expectations of Chhattisgarh despite the fact that the state generates high revenue for the railways, Chief minister Raman Singh said here. 'The interim rail budget is disappointing, it has let down expectations of millions of people of Chhattisgarh,' said Singh in his reaction to the interim budget.

February 12th, 2009 LUCKNOW - The Indian Industries Association (IIA) Friday expressed disappointment over the interim rail budget presented by railways minister Lalu Prasad. 'We are disappointed that no freight cuts have been announced which would have benefited the industrial sector,' said IIA president Praveen Sadana.