Mukherjee to state finance ministers: Find ways to bring economy on higher growth pathJune 11th, 2009 - 4:41 pm ICT by ANI
New Delhi, June 11 (ANI): Union Finance Minister Pranab Mukherjee today appealed to find ways to bring the economy on the higher growth path without increasing fiscal deficit.
Addressing a conference of state finance ministers as part of a pre-budget here, Mukherjee said the Central Government would focus on infrastructure, agriculture and employment generating sectors to promote growth and protect jobs.
“The stimulus measures by the Central Government had a cost in terms of deterioration of Centre’s fiscal deficit which went up to 6.2 per cent of GDP in 2008/09 and high levels of fiscal deficit are not sustainable in the medium to long term,” he added.
He said that it was necessary to deliberate on ways and means to bring back the economy to higher growth trajectory without fiscal profligacy.Asking state finance ministers to resolve pending issues expeditiously, Mukherjee said introducing Goods and Services Tax (GST) is critical for economic reforms.
“We also need to focus on the introduction of GST from 1st April, 2010.This is a critical part of our economic reforms,” he added.
Calling upon states to focus on “Aam Aadmi”, Mukherjee said, “We have to ensure that the growth process is not only accelerated but also made inclusive … We need to give full attention to sectors like infrastructure, agriculture and employment generation.”
The government presented an interim budget for the 2009/10 (April/March) in February. (ANI)
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