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| Monday, 28 February 2005 |
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India watching to see whether FM can repeat "dream budget" NEW DELHI, Sunday (AFP) - Indians are waiting to see whether Finance Minister Palaniappan Chidambaram can repeat Monday the "dream budget" for which he was famed when he held the same portfolio eight years ago. But economists say that may be tough for the finance minister, who will be presenting his first full budget since the Congress party won power last May. With the need to keep the 24-party ruling coalition united and retain the support of communist allies hostile to reforms, Chidambaran faces a difficult juggling act to balance hopes of industry, investors and ordinary citizens. "He's going to have come out with a budget which looks good. The mood is very positive. He doesn't want to dampen investment sentiment," government economics advisor Saumitra Chaudhuri, from the ratings agency ICRA, told AFP. "But it's going to be a bit of a tightrope walk. It's not going to be a 'big bang' budget. He has to survive the (post-budget) sniping and backbiting." Still, with the economy set to grow around seven percent, making it the fastest expanding major economy after China, shares and foreign investment at record highs, inflation falling and foreign exchange coffers brimming, Chidambaram could not have a better backdrop for his budget. |
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