Budget ’99: Centre may tighten economic belt

NEW DELHI, Jan 23: The general budget for 1999-2000, which, in a break from tradition, will be presented at 11 am on February 27, is like...

NEW DELHI, Jan 23: The general budget for 1999-2000, which, in a break from tradition, will be presented at 11 am on February 27, is likely to see the BJP-led Government introduce some tough measures to tide over the economic crisis facing the country.

Responding to queries from leaders of various political parties, Union Finance Minister Yashwant Sinha admitted that the country’s economic situation was grim. “There are no soft options before us,” he told them. The all-party meeting was convened this morning by Parliamentary Affairs Minister Madan Lal Khurana to prepare the schedule for the Budget Session, which gets underway on February 22.

Barring the Congress, CPI(M) and the Trinamool Congress, all parties sent their representatives for the meeting. “Leader of Opposition in Lok Sabha Sharad Pawar had rung me up three days ago to express his inability in attending it, while former Finance Minister Manmohan Singh sent a letter offering his suggestions,” Khurana told reporters after themeeting.

Referring to the deliberations of the Inter-State Council meeting held yesterday, Sinha said that at least 12 Chief Ministers had expressed their concern at the spurt in internal borrowing. “While the situation arising out of foreign borrowing is not so worrisome, it is the internal borrowing which is causing problems, since most of it is spent on maintaining the establishment,” Sinha observed, adding, “The situation has become all the more serious after the implementation of the recommendations of the Fifth Pay Commission.” The Budget Session of the Parliament commences on February 22, with President K R Narayanan’s address to a joint-session of the two Houses. While the railway budget will be presented on February 25, the general budget will be presented two days later.

Parliament breaks for recess on March 18, and recommences on April 12. During the recess, said Khurana, department-related standing committees will examine the demands-for-grants of various ministries. There will be 41sittings during the session. Parliament is also likely to take up bills pending in the two Houses. While there are 36 such bills pending in the Rajya Sabha, another 22 are lying in the Lok Sabha.

The Centre will also introduce bills to convert various ordinances into acts. These include the Finance (Amendment) Ordinance, the Companies (Amendment) Ordinance, the Patents (Amendment) Ordinance, the Central Vigilance Commission Ordinance, the Urban Land (Ceiling and Regulation) Repeal Ordinance, the Prasar Bharati (Broadcasting Corporation of India) Amendment Ordinance and the Salary, Allowances and Pension of Members of Parliament (Amendment) Ordinance.