NEW DELHI: The government has decided to defer the presentation of the budget so as to fully reflect its thinking and priorities and initiate structural changes in the financial institutions, including the Reserve Bank of India.
Announcing this at a press conference here, Federal Minister of Finance Madhu Dandavate said a white paper on the state of the economy will be presented at the beginning of the coming parliament session.
He said in view of the delay in the presentation of the budget, the government will take a vote on account in the second session. Dandavate said he would not like to present his budget on the basis of the infrastructure of the previous Congress (I) government.
Various aspects of the pricing policy were being gone into and a cumulative packet including deterrent action was being worked out, he said adding that he was confident that prices of a number of commodities would come down in the next few months.
Dandavate said some structural changes would have to brought about in financial institutions, including the Reserve Bank of India, as at present these institutions were functioning as “handmaids” of the government, he added.
He said not only TV and Radio, but the financial institutions, including the Reserve Bank needed autonomy. He said the efforts of the government would be to simplify procedures and norms whether it was licensing policy or taxation laws.
Article extracted from this publication >> December 22, 1989
