Category: Finance News
Analysis of latest finance news
In preparation of the Union budget 2010-2011, Minister of Finance Mr Pranabh Mukherjee will meet Industry leaders today. He will be meeting leading industrialists and also representatives of Ficci, CII and Assocham.
The Union budget for year 2010-2011 will be presented on February.
Finance Minister Pranabh Mukherjee has indicated that controlling inflation is the highest priority for the Government. While answering questions from MPs in the Parliament, Mr. Mukherjee said "Government is monitoring the price situation on regular basis"
Previously the government had indicated its willingness to import essential commodities in order to contain the price rise.
The Indian food prices have touched a ten-year high.
Finance minister Mr. Pranabh Mukherjee on Saturday assured that the Dubai debt crisis will not have any major impact on Indian economy.
Finance minister said that the involvement of Indian banks in Dubai is very minimal to have a great impact. He also informed that the Government is closely watching the situation, specially the impact it will have on the expatriate population.
It is estimated that more than 40 per cent of Dubai population are Indians.
Talking to conference in New Delhi Prime minister Manmohan Singh has stressed the importance of economic reforms to his government. While targeting a 9-10 percent annual growth, he also stressed the need to increase investment in rural education, health and infrastructure.
Singh told the conference - "We need to push forward the reform process, and we will do so". He also said that the primary challenge for India in the next decade will be to sustain high growth that is equitable.
Finance Minister Pranab Mukherjee will be presenting the General Budget 2009-10 in the Lok Sabha on July 6.
The expectations on the current buget is to maintain the reform agenda and also to continue with spending in social sector.
It would be tough job for the finance minister considering the current world economic condition.
Rashtrapati Bhawan announced the portfolios on Saturday and it is now confirmed that Pranabh Mukherjee would continue as Minister of Finance under the Manmohan Singh government.
Mukherjee was the Finance minister under the previous UPA government and presented the interim budget for the outgoing government. He was also the Finance Minister between 1982 and 1984.
His first priority after assuming office would be to present the Union budget.
Mr Manmohan Singh has sworn in as India's Prime Minister for a second time. This follows UPAs clear victory in the General Elections.
Prime minister is expected to expand his cabinet on Tuesday May 22, 2009. Manmohan Singh has promised a "responsive" and "efficient" government at the centre.
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Finance Minister P Chidamabram is confident that the country can achieve 8 percent growth this year. He saw no reason why it cannot be achieved since the global recession did not have a direct impact on India.
He was speaking at the inauguration of a renovated spinning mill in Tamilnadu.
Reserve Bank of India has today announced additional one per cent cut in Cash Reserve Ratio (CRR) of Banks. This is in addition to the 0.5 percent cut announced earlier. This brings the CRR to 7.5 percent.
CRR is the amount of cash that banks have to keep with the central bank.
