Govt to announce steps on Monday to improve economy: Pranab

Talking to reporters here, the minister said that yesterday the Department of Economic Affairs had consulted with RBI Governor D Subbarao who is aboard about the measures to be taken in this regard.

"The steps we have taken...And we will be able to take certain measures to be announced on Monday which will improve the market condition," Mukherjee said.

It was not clear whether the announcements would come from the Finance Ministry or RBI, especially in the context of Mukherjee's announcement to reporters here that he would be demitting his office on June 24 to file papers for the presidential elections as a UPA nominee.

Meanwhile, one of Mukherjee's close aides said his resignation was expected on Monday or Tuesday as the Prime Minister was returning to India on June 24 after completing his engagements abroad.

Speaking on economy during his last visit to Kolkata as Finance Minister, Mukherjee said, "I would like to say GDP is at 6.5. There is inflationary pressure on economy, there is depreciation of Rupee. These are no doubt signs of weakness in Indian economy," the minister said, adding, "I am concerned but I am not depressed".

Earlier this week, industry officials expressed disappointment with the RBI's stand of keeping the lending rates unchanged and not taking steps to stimulate the economy at its mid-quarterly review of the monetary policy. MORE