Market expected too much: FM

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Market expected too much: FM

This article was posted on Jul 6, 2009 and is filed under Press Releases

“I had at the start of my speech said ‘One budget speech won’t address all the problems [that the economy faces],” Mukherjee said.

Commenting on the stock market’s negative reaction to the Union Budget, Finance Minister Pranab Mukherjee has said the market may have expected too much from the country’s annual financial document. The stock markets slipped sharply just as the finance minister progressed into his budget speech in Parliament on Monday and was at one point 5% down, mainly due to the lack of any major announcements.

“I had at the start of my speech said ‘One budget speech won’t address all the problems [that the economy faces],” Mukherjee said in an interview to Lok Sabha TV, adding that the budget was not the only instrument to address the economy’s issues.

The finance minister added that it was not possible to set a divestment target.

On the fiscal deficit (raised to to 6.8% from 6.2% earlier), the FM said it was possible to improve the fiscal deficit target in the next budget.

source: Indiainfoline

Tags: 2009 budget, budget beneifted stocks, FM, indian budget, nse bse best budget stocks, pranab mukherjee