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Wednesday, June 29, 2011

INDIAN ECONOMY: GDP to grow by 8.5 per cent, fuel price hike not to impact deficit: Pranab!

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PTI / The Hindu /  WASHINGTON, June 29, 2011.

Finance Minister Pranab Mukherjee attends a news conference with Treasury Secretary Timothy Geithner, not pictured, at the U.S. Treasury Department in Washington. Photo: AP
Finance Minister Pranab Mukherjee attends a news conference with Treasury Secretary Timothy Geithner, not pictured, at the U.S. Treasury Department in Washington. Photo: AP.

Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee today said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.
Asked if he will consider rolling back the increase in prices of cooking gas (LPG), diesel and kerosene amidst demands from various quarters, the minister said, “No...No question of revoking (price hike)”.
As regards the impact of the decision to cut duties on the fiscal deficit, he said the shortfall would be made good by buoyancy in tax collection and improved compliance.
“I do not think so because this was the conscious decision... About Rs. 49,000 crore will be the shortfall in the duty. I think it would be possible for us to make it up through buoyancy and by better compliance,” Mr. Mukherjee said.
The government proposes to reduce fiscal deficit to 4.6 per cent of the GDP in 2011-12 from 4.7 per cent a year ago.

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