Timely and pro-active monetary and fiscal measures have ensured that the growth process remained intact despite the adverse impact of global financial crisis, Finance Minister Pranab Mukherjee said here on Monday.
Briefing members on the state of the economy while chairing a meeting of the Parliamentary Consultative Committee attached to his Ministry, Mr. Mukherjee also sought inputs from them for formulation of the Union budget for 2010-11.
Mr. Mukherjee noted that the adverse impact of the global meltdown followed by the consequent recessionary trend in the world's major economies had cast a cloud of uncertainty over the domestic economy in the second half of 2008-09. However, the subsequent policy measures undertaken by the government worked and this was confirmed by the signs of a turnaround in the macro-economic situation.
Major reforms
The Finance Minister also informed committee members that the government would continue discussions to get inputs on the Direct Taxes Code and the Goods and Services Tax (GST) - the two major reforms envisaged in the country's taxation structure.
Members present in the meeting gave various suggestions and thanked the Minister for consulting the representatives of people to formulate general budget.
Apart from the consultative committee members, the meeting was attended by Ministers of State for Finance S.S. Palanimanickam and Namo Narain Meena along with the secretaries of finance, revenue, expenditure, disinvestment, and financial services.
