Interim budget fails cheer markets

July 6th, 2009 MUMBAI - Even as Finance Minister Pranab Mukherjee was presenting his budget for 2009-10, a key index of the Indian equities markets dived by 700 points from its last closing figure at 2 PM. Around 12.25 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, was ruling at 14,400.54 points - 512.51 points or 3.44 percent lower than Friday's close.

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 15th, 2009 MUMBAI - Indian equities slipped further Monday as acting finance minister Pranab Mukherjee delivered his interim budget speech. In the first part of his speech, Mukherjee signalled that the future economic situation looked grim.

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 - 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 - 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 Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the interim budget for 2009-10, saying the government has done nothing to provide relief to the crisis-hit industry. 'The budget has failed to meet the expectations at this time of global downturn,' said Navin M.

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 - Following are the reactions from some prominent industrialists and economists to the interim budget presented by acting finance minister Pranab Mukherjee here Monday: Deepak Parekh, chairman, HDFC Bank: Not a disappointment, I did not expect anything in the interim budget. It was never meant to be a giveaway.

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 15th, 2009 MUMBAI - Indian equities dived further Monday as acting finance minister Pranab Mukherjee presented the interim budget. A key index fell 3.29 percent from its previous close, around 12:20 p.m.

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 12th, 2009 MUMBAI - Indian equities markets Friday reversed the previous day's losses amid hopes that the government would present a third fiscal stimulus package in the interim budget Monday following the people-friendly railway budget presented earlier in the day. 'Interim budget seems to be the only trigger for today's (Friday's) rally.

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.