Pranab gears up for new budget

Mukherjee, equipped with vast administrative experience of  management of the economy and political acumen, is likely to assume the charge of the Finance Ministry tomorrow, official sources indicated here.

Mukherjee, who held the portfolio of the Finance Ministry nearly 25 years back during the last tenure of Indira Gandhi, will be assuming the charge of the Finance Ministry at such a juncture of time when the economy is faced with syndrome of low economic growth,  worsening public finances and falling exports.

Mukherjee proposes to hold a meeting of senior officials of the Finance Ministry immediately after assuming office, sources said. It is learnt that Mukherjee is most likely get into the “immediate” job of preparation of full budget for 2009-10.  Mukherjee, who held the additional charge as Finance Minister earlier this year in the previous UPA government, had presented an interim budget in February 16 seeking approval from Parliament for Meeting day to expenditure of the government till July 31. Therefore, Mukherjee would have to get the full Budget for 2009-10 passed by Parliament by July 31 pending which he would have to again go for a Vote on Account for a short period. Already a lot of curiosity has arisen as to the possible shape and contour of the forthcoming Budget as it would lay down the policy perspectives to retrieve the economy from the current phase of slowdown.

While presenting interim budget in February, Mukherjee had called for raising spending to shield the economy from the global slump and stem job losses. Analysts say as expectations for fresh stimulus to protect growth and jobs have grown since UPA’s decisive mandate.