Heavy economic agenda for new govt

A Heavy economic agenda awaits the new incumbent at the Centre. The new government will have to prepare a budget for 2003-04, announce amendments to the medium-term Exim Policy, reconstitute Planning Commission and write the Economic Survey. According to officials, it would take about a week to constitute 14th Lok Sabha. The decision to convene Parliament will be taken by the new government. With a change of guards at the Centre, a fresh budget will be prepared which may not look like continuation of the interim budget presented by Finance Minister Jaswant Singh on February 3.

The Survey for 2003-04 is expected to undertake a critical evaluation of policies pursued by the outgoing government. Singh did not table the Survey before presenting the interim budget. Singh had presented vote-on-account for four months. According to sources, it means that government is authorised to spend money from the Consolidated Fund till July 31. Thus the budget will have to be approved by Parliament before July-end. The other important task before the new government will be to announce the annual exim policy for 2004-05.

It may either announce amendments to the medium term policy (2002-07) or come out with a fresh set of proposals for the remaining period. The new government will have to take a view on demands of exporters relating to restoration of 80HHC tax and DEPB benefits. Since commerce secretary Dipak Chatterjee’s term is coming to an end next month, the government will also have to finalise the name of his successor. The government will also be required to seek Parliamentary approval for operationalisation of the Central special economic zone (SEZ) policy. With the new government assuming power, the Planning Commission too will have to be reconstituted.