Interim budget fails to cheer realty sector

July 3rd, 2009 NEW DELHI - Taking a dig at her predecessor Lalu Prasad, Railways Minister Mamata Banerjee Friday said the target set by him for the railways in the interim budget was "unrealistically high". "Based on the reviews, it is very clear that the unrealistically high targets set in the interim budget are not sustainable and warrant a mid course correction," Banerjee said while presenting her ministry's budget for the current fiscal in the Lok Sabha.

May 26th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee on Tuesday said the government would present the budget for 2009-10 in the first week of July. "I would not like to have a second batch of vote on account.

May 17th, 2009 NEW DELHI - India's realtors, one of the worst-hit by the slowdown, believes the sector will get more attention under the new government given its professed thrust on infrastructure. Anuj Puri, chairman and country head of realty consultancy Jones Lang LaSalle Meghraj, says the industry can expect the broad reform agenda would continue under the next United Progressive Alliance (UPA) government and the realty sector to benefit.

April 30th, 2009 NEW DELHI - The slowdown is going to continue for the Indian realty sector and it may take 24 months to see revival, say industry experts. 'The Indian realty sector will take about 24 months to see any revival,' according to Sameer Nayar, managing director and head of real estate (Asia Pacific) of Credit Suisse, a leading financial services company.

April 30th, 2009 NEW DELHI - The slowdown is going to continue for the Indian realty sector and it may take 24 months to see revival, say industry experts. 'The Indian realty sector will take about 24 months to see any revival,' according to Sameer Nayar, managing director and head of real estate (Asia Pacific) of Credit Suisse, a leading financial services company.

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 NEW DELHI - The Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the 'lacklustre' interim budget for 2009-10 and said the government has done nothing to provide relief to the industry. 'The budget has failed to meet the expectations at this time of global downturn,' said Navin 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 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 - 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 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 - 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 MUMBAI - Indian equities closed in the red Monday as the interim budget presented by the government failed to offer any sops to investors. A key index ended 3.42 percent lower than its previous close.

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 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.