Monday, February 28, 2011

Budget to meet challenges of economic growth: Manmohan

New Delhi, February 28, 2011

Prime Minister Manmohan Singh on Monday said the Budget was aimed at consolidation of fiscal deficit and moderation of taxes and will meet challenges of the economic growth of the country.

On the black money issue and lack of any amnesty scheme in the Budget to bring it back, Mr. Singh said there have been such schemes in past that have yielded little success.

"I don't think they have succeeded in providing permanent cure for black money. We need to have a systems reform in a holistic manner to deal with this menace," he said.

Congratulating Finance Minister Pranab Mukherjee for doing a "commendable" job, Mr. Singh said, "You cannot please all the people. The Finance Minister has done as good a job as possible."

He was responding to a query on why there was no increase in the income tax exemption limit for women.

"This is the Budget which meets all the challenges of our economy and polity face in the next fiscal year... This is a Budget that matches the challenges that our economy faces--sustained growth, inclusive growth, equitable growth and thus, a determined effort to curb inflationary expectations," Mr. Singh said in an interview to Doordarshan.

Mr. Singh also noted that "quite a lot" has been to encourage foreign direct investment.

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