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Jul 21, 2011

Govt. works on Economic Reforms: Pranab

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Drawing flak over ‘policy paralysis’, Finance Minister Pranab Mukherjee underscored the UPA government’s economic reforms to check economic impediment on Thursday.

The Union Finance Minister Pranab Mukherjee has projected 8.6 per cent growth rate for Indian economy for the year 2011-12, interacting with the economic journalists in New Delhi.
Mukherjee said that the headline inflation is expected to stand at between 6 and 7 per cent by the end of current fiscal.

He said that the government has been carrying forward the economic reforms to check the many issues including black money.

This time the senior leader of Congress and senior member in UPA cabinet interacted with journalists on wide range of topics after the Prime Minister’s meeting with five editors in last month.

Over the charges of policy paralysis, the minister said the he would not consider it as policy paralysis, as other strong economies like China and Europe were registering slow growth rate. He also hinted about the recovery process of US, as example.

Answering to the questions of economic journalists over the black money issue, which the UPA government is under criticism, the minister said that India negotiated with 57 countries over the double taxation avoidance agreement (DTAA) and tax information exchange agreements.
The minister said that yet to complete the negotiation process with 29 other countries to check the black money issue.

On Economic growth, the minister said the Economic Survey of India has projected 9 per cent growth but the economy may see a growth rate of 8.6 per cent.

Speaking on the occasion, Mukherjee said that the government would be able to get Rs 40,000 crore through disinvestment but refrained from briefing the company names that government kept in mind for disinvestment.

Over the fiscal deficit the minister said that that target of 4.6 per cent as mentioned in the union budget was difficult but will try to achieve it.

Apart from these, the minister also cleared the government’s stand over the Land Acquisition Bill as it will be introduced in monsoon session and referring to Lokpal Bill, he said that the government has not compromised at any stage.


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