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Thursday, February 12, 2009

Pranab Mukherjee says need to stimulate trade and investment flows

To alleviate poverty

The latest comments from Foreign Minister Pranab Mukherjee, who is also responsible for finance and will present the forthcoming interim budget, reinforced expectations of a stimulus package for the economy. There is a need to sustain India's foreign trade, revive foreign investment and generate domestic demand, Mukherjee said, adding that strong economic growth is essential for the uplift of the multitudes below the poverty line.

The Congress party-led coalition government will unveil an interim railway budget on Friday, 13 February 2009 followed by a mini general budget on 16 February 2009, ahead of national elections due by May 2009. A full budget for 2009-2010 will come only after a new government takes over.

The stock market

has been agog with talks that the forthcoming interim budget may offer tax sops and sector-specific stimulus package to shield the domestic economy from the global financial sector crisis and recession in major world economies. The government has so far announced two stimulus packages including tax cuts and the capital injections for banks.

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