Markets plummet as Mukherjee makes interim budget speech

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee has proposed to substantially enhance the allocations for the Commonwealth Games 2010 from Rs. 2,112 crore in the interim budget to Rs.

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 government has made a provision of Rs.1 billion (Rs.100 crore) in the interim budget for 2009-10 for its proposed 'unique identification' project. The government had last month notified the setting up of the project, Unique Identification Authority of India, which will give a unique number to every citizen.

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 - 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 - With no changes in tax rates but higher spending toward social sector projects, Minister for External Affairs Pranab Mukherjee Monday tabled a Rs.952,231 crore (Rs.9.52 trillion/$190.6 billion) interim budget for 2009-10 that chose to give fiscal prudence a miss during 'extraordinary economic circumstances'. Presenting the interim budget on behalf of Prime Minister Manmohan Singh who is recovering from heart bypass surgery, Mukherjee devoted large parts of his 69-minute speech to the achievements of the United Progressive Alliance (UPA) government and said additional steps needed to be considered in the regular budget to be presented by the next government, after the ensuing general elections in a month or two.

February 15th, 2009 NEW DELHI - Lok Sabha Speaker Somnath Chatterjee had to Monday interrupt the interim budget presentation by Minister for External Affairs Pranab Mukherjee after Janata Dal-Secular MP M.P. Veerendra Kumar fell ill.

February 15th, 2009 NEW DELHI - Senior Bharatiya Janata Party (BJP) leader L.K. Advani Monday said the 'aam admi', or common man, has been badly let down during the five years of the United Progressive Alliance (UPA) rule.

February 15th, 2009 NEW DELHI - Lok Sabha Speaker Somnath Chatterjee had to Monday interrupt the interim budget presentation by Minister for External Affairs Pranab Mukherjee as an MP fell ill. A doctor was called in and the Lok Sabha was adjourned for 10 minutes.

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 15th, 2009 NEW DELHI - Saying that the Mumbai terror attacks had given 'an entirely new dimension' to cross-border terrorism, External Affairs Minister Pranab Mukherjee raised the allocation for defence 34 percent to Rs.1,41,703 crore (Rs.1.417 trillion) in the interim budget for 2009-10 he presented in the Lok Sabha Monday. The total revised expenditure for 2008-09 was Rs.1,14,600 crore against the allocation of Rs.1,05,600 crore, said Mukherjee, who was presenting the budget on behalf of Prime Minister Manmohan Singh, who is recovering from coronary bypass surgery.

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 - 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 14th, 2009 NEW DELHI - Prime Minister Manmohan Singh Sunday went through the documents related with the interim budget that will be presented to parliament Monday, and after the approval of the house forwarded to President Pratibha Patil for her assent, as per convention. The prime minister also formally approved the speech of External Affairs Minister Pranab Mukherjee, who will be presenting the interim budget to the Lok Sabha, said official sources.