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Cabinet minister Palaniappan Chidambaram said that the new coalition Government hopes to win Parliament approval for the union budget for 2009/10 by the end of July.
He told media that date for the presentation of the budget has not yet been decided. After the first cabinet meeting of the new Government following a General Election, Chidambaram said, "We hope that we will be able to pass the full budget by July 31."
"If not, we will have to take another vote-on-account for a very short period," he said referring to a temporary measure to allow government spending.
The central Government had presented an interim budget in February to get parliament approval for necessary expenditure until July 31, however it left the onus to present a formal budget on the new government.
Chidambaram said the decision on whether the government would present a vote-on-account or a full budget would be taken later by the ruling coalition government of Prime Minister Manmohan Singh.
Financial markets are waiting to get a sense of the new government spending plans and steps to repair public finances. The government had said in the month of February that there expenditure may jump later this year to bring the retarded economy out from this global financial turmoil.
The government faces a widening deficit, slowing growth and huge expectations for fresh stimulus to protect growth and jobs. The Financial Express
May 23, 2009
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