Indian Union Budget 2009 - 2010

The new Congress-led UPA government today said it will try to pass the Indian Union Budget 2009 - 2010 in 15th lok sabha by July 31 2009 , to restore the growth momentum of the economy reeling under the impact of the global financial meltdown.

In case the government is unable to get the Indian Union Budget 2009 - 2010 passed by Parliament by July 31, he said, "It may be necessary to take another vote-on-account for a very short period." The government through an interim budget in February sought the approval of Parliament to withdraw money from Consolidated Fund to meet necessary expenditure until July 31.

The vote-on-account, which is approved by Parliament, allows government to spend money from the exchequer only a specified period of time.

Outlining the priorities of the new government yesterday, Prime Minister Manmohan Singh had said, "(The) first task is to restore the economy and its growth momentum ... There is global recession, we have to protect our growth." At today's Cabinet meeting also Singh told his colleagues to focus on the economy. "We have made number of promises and we have promises to keep," Chidambaram said quoting Singh.

Source : PTI