Budget growth oriented, no stimulus needed: Montek

Hailing the Budget 2009-10 as "growth oriented", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said there would be no need for another stimulus in the current fiscal.

"They (corporate) should be happy with removal of Fringe Benefit Tax (FBT). I don't think that there is need for more stimulus in the current year," he said the presentation of the Budget by Finance Minister Pranab Mukherjee.

"He (Mukherjee) has given more money. All the efforts should now be made to try to make sure that the resources that have been provided are efficiently used," Ahluwalia said.

Pointing out that the Finance Minister presented very good budget in very difficult situation, he said, "It is a growth oriented budget…If we compare this with interim Budget, for the Centre as well as the states, there is an extra allocation of about one per cent of GDP (for Plan expenditure)."

The Finance Minister while presenting the interim Budget in February had indicated that the Gross Budgetary Support (GBS) could be an increased by half to a per cent of GDP, Ahluwalia said, adding that "I am happy that he has delivered on this point."