Economy would revive by Oct: Basu

The finance ministrys chief economic adviser Kaushik Basu said that the government is trying to address trust problems with the industry and evinced hope that the economy would revive by October this year

The finance ministrys chief economic adviser Kaushik Basu on Friday said that the government is trying to address trust problems with the industry and evinced hope that the economy would revive by October this year.

He also stressed that the government is not trying to dilute tax policies started by former finance minister Pranab Mukherjee.

I dont think that any policy step (of recent months) has been diluted, he said.

Story continues below this ad

His comments come amid hectic activity to spur the economy following Prime Minister Manmohan Singhs taking charge of the finance portfolio after Mukherjee resigned this week to contest the presidential election.

The PMO has also asked the finance ministry to clear air on contentious tax proposals,including General Anti Avoidance Rules and retrospective amendment of the I-T Act which required Vodafone to pay of Rs 20,000 crore in taxes and interest.

Basu further said,What we were giving actually for last couple of months is the same message,that we want this industry to do well and we want to be as cooperative as possible.

He also exuded confidence that inflation will drop below 7 per cent by September and said that GDP growth will pick up any way,if we can together a couple of reforms things would speed up.

The RJD’s key face and Leader of the Opposition (LoP) Tejashwi Yadav, party supremo Lalu Yadav’s son, will again contest from his stronghold Raghopur.

Amid Mahagathbandhan crisis, RJD unveils list of 143, drops 36 MLAs, focuses on ‘M-Y’

Political Pulse8 hr ago

The RJD, lead player of the Mahagathbandhan, released its full list of 143 candidates for the November Bihar Assembly elections. Its key face Tejashwi Yadav will contest from Raghopur, and 41 sitting MLAs have been renominated. The party has dropped 36 sitting MLAs and fielded young leaders, signaling a bid to consolidate its core Muslim-Yadav vote base. The Congress has fielded 60 candidates.

View all shorts

Live Blog

PHOTOS