‘Economy will get the support it requires’

Noting that India was yet to fully feel the impact of the global financial meltdown...

Written by Express News Service | New Delhi | Published: February 20, 2009 12:01 am

Noting that India was yet to fully feel the impact of the global financial meltdown,the Government on Thursday indicated that it would take more measures to boost the economy as the situation would unfold.

“All the measures necessary to boost the economy will be taken. There is no doubt in it. I would not use the word ‘protection’,the support which the economy requires,will be given,” Finance Minister Pranab Mukherjee told the Rajya Sabha.

Mukherjee,who presented the interim Budget in the Lok Sabha on Monday,said he could not announce “many radical” measures in the interim Budget due to Constitutional constraints as the mandate of the Government was coming to an end.

He said the Finance Ministry was in touch with the Reserve Bank of India for future course of action to boost the economy and noted that fiscal correction and monetary changes should go side by side.

On the current crisis,he said,“I don’t know how much time it will take to assess the situation… the problem is complicated… there is no room for complacency.”

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