Budget in July first week, says Pranab

 Finance Minister Pranab Mukherjee today said he will present the full Budget for 2009-10 in the first week of July.

 In his first formal press conference after taking over as full-time Finance Minister, Mukherjee said the UPA had in its manifesto committed to presenting the Budget within 45 days of formation of the Government.

Keeping that deadline in mind, the Budget for 2009-10 will be presented in the first week of July, he said, adding the Government would endeavour for the Budget to be passed before July 31.

Reviving growth momentum of the economy will be the top priority for Prime Minister Manmohan Singh-led Government but revival would not be at the cost of fiscal prudence, he said.

Mukherjee said the industry and business hit hard by cost of finance and its easy availability and he would meet bankers soon to get them committed to more benign plan of action to boost credit and its flow.

Mukherjee said the prime focus of the Budget will be "Aam Aadmi" (common man) but will also lay stress on infrastructure spending. 

The government has eased liquidity situation considerably through series of measures taken by RBI, he said, adding that he will be meeting bankers soon to take stock of the situation.     

"I expects that they (banks) will take advantage of the monetary policy ... I will have to see that the credit is being made available," he said.     

On the GDP expansion, the Finance Minister said that 6.5-7 per cent growth rate is a respectable growth for the current fiscal.     
Asked about the inflation target for 2009-10, he said that the rate of price rise at 0.61 per cent (for the week ended May 9) is reasonably down and provides enough leverage.     

Mukherjee said that the government is equally committed to fiscal consolidation over 2-3 years and it will also make anti-money laundering regime stronger.