We will take steps to fire growth: Pranab
Political stability that UPA govt enjoys will be spring board for India's economic recovery, and the President's address on June 4 will unveil the new agenda.
By PR Ramesh, ET Bureau |
NEW DELHI: The political stability that the UPA government enjoys will be the spring board for India���s economic recovery, and the President���s address on June 4 will unveil the new agenda, finance minister Pranab Mukherjee told ET on Sunday.
Pranabda, as he���s affectionately called, suggested that the administration was all set to take legislative measures to put the economy back on track. ���You will now see the impact of stimulus packages announced by the government. When a stable government is in place, credit flows and other measures needed to boost the economy become easier,��� Mr Mukherjee said.
On the President���s address, he said Prime Minister Manmohan Singh will use the debate on the motion of thanks to address the immediate concerns in the economy.
The new finance minister���s confidence about swift action on the economic front appeared to stem from the greater cohesion in the alliance and the numerical comfort for his party. The bullying Leftists did not allow the government to move ahead with critical reform initiatives such as more FDI in the insurance sector. The fact that the task of governance has become easier suggests more headroom for bold decision-making .
The freshly-minted finance minister admitted that export sectors have been hit by recession. ���But export sectors are hit the world over. However, it is picking up. There will be more export credit available now as political stability has brought greater confidence in India���s economy,��� he said.
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