Financial Daily from THE HINDU group of publications
Sunday, Mar 17, 2002
Financial Daily from THE HINDU group of publications Sunday, Mar 17, 2002 |
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Economy Industry & Economy - Economy Economy in for better days: Sinha Our Bureau
The Finance Minister, Mr Yashwant Sinha, with the RBI Governor, Dr Bimal Jalan, at the post-Budget meeting of the Central Board of Directors of the RBI in the Capital on Saturday.
NEW DELHI, March 16 THE Finance Minister, Mr Yashwant Sinha, on Saturday said that the economy had started showing signs of a pick-up on line with the revival in the global economy. "We are looking forward to better days. There are signs of a pick-up in the Indian economy along with the global economy. The Union Budget for 2002-03 will spur growth," Mr Sinha said after his customary post-Budget meeting with the Central Board of Directors of the Reserve Bank of India (RBI) here. The Finance Minister said that while the RBI Board endorsed the Budget, the members have made certain suggestions for refinement, which would be examined by the Government shortly. He said that the problem areas such as high non-performing assets (NPAs) of the banks and the mounting foodgrain stocks were discussed at the meeting. "These problems impede growth," Mr Sinha said. Reacting to questions from newspersons, the Finance Minister said that most of his taxation proposals would actually affect only those in the higher income brackets and not the middle-class as is being alleged. "Big players are seeking tax reliefs in the garb of being part of the middle-class," he said. Earlier, in his welcome address, the RBI Governor, Dr Bimal Jalan, concurred with the Finance Minister and said that a good agricultural year and revival in the global economy is expected to reflect in a more buoyant Indian economy. Dr Jalan said that the present scenario on inflation was highly favourable. Thus, the interest rate environment is expected to remain soft, he said. Pointing out that the Union Budget had "long-term reformist vision," Dr Jalan said that the measures particularly in the areas of agriculture and infrastructure have been introduced to impart impetus to further growth in the economy. Talking to newspersons after the meeting, the Chief Mentor, Infosys Technologies, Mr N.R. Narayana Murthy, said that foreign investors are looking for a smoother business environment and not tax sops. He felt that companies must not complain over the tax proposals and should show a willingness to pay up their share of taxes.
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