Macroeconomic situation confirms turnaround signs: FM

Finance Minister Pranab Mukherjee today said the macroeconomic indicators are confirming the signs of revival in the economy.

"The policy measures undertaken by the government have worked and the macroeconomic situation confirms signs of a turnaround for the economy," Mukherjee said at a meeting of Parliamentary Consultative Committee attached to his ministry.

The timely and pro-active monetary and fiscal measures have ensured that the growth process remained intact despite the adverse impact of the global financial crisis, he said.

He pointed out that the adverse impact of the global financial crisis and the subsequent recessionary trend in all major world economies had cast a cloud of uncertainty over the domestic economy in the second half of 2008-09.

Mukherjee sought suggestions from the members of the panel for formulation of the Budget. He also informed the members that the Government will continue discussions on the Direct Taxes Code and Goods and Service Tax wit the states.

The meeting was attended many MPs including NK Singh, Ravi Shankar Prasad, Tarik Anwar and TR Baalu, apart from the secretaries from the finance, revenue, expenditure, divestment and financial services and other senior ministry officers.