Fiscal consolidation will undoubtedly be the top priory of finance ministry while presenting Budget 2010-11 on 26th February in Parliament.
It would be a tough call for Union Finance Minister, Pranab Mukherjee, to balance the withdrawal of stimulus packages without hampering the economic growth. Growing fiscal deficit in the current scenario calls for an immediate roll back of stimulus packages which, were provided to help the industries cope up with the global economic meltdown.
The most expected deductions which Budget 2010 is set to bring along are service tax cut of 2 percentage point, withdrawal of interest subvention from few selected industries, excise rate reduction from automobile industry.
It would be a tough call for Union Finance Minister, Pranab Mukherjee, to balance the withdrawal of stimulus packages without hampering the economic growth. Growing fiscal deficit in the current scenario calls for an immediate roll back of stimulus packages which, were provided to help the industries cope up with the global economic meltdown.
