Finance Minister Pranab Mukherjee on Monday said the Budget for 2009-10, which will spell out policies and priorities of the new United Progressive Alliance government, will be presented in the first week of July.
"I would not like to have a second batch of vote-on-account...the Budget will be presented in the first week of July," he told CNBC-TV18 in an interview.
The minister further said that the issues and concerns about the economy raised by him in the Interim Budget, especially with regard to the sectors which are hit badly by the global financial crisis, would be addressed in the Budget.
The government is required to get the budget passed by July 31, the date when the vote-on-account approved by Parliament allowing government to withdraw money from the Consolidated Fund of India expires.
In case the Budget is not approved before July 31, the government will have to seek another vote on account.
The focus of the government policies and reforms, Mukherjee said, will be aam aadmi as has been mentioned in the Congress manifesto.
"Aam aadmi is to be at the focal point," he said, adding the manifesto proposed to increase the minimum wages under the NREGA scheme to Rs 100 per day.
Similarly, he added, the issue of providing food security would get top priority.
On the need of another stimulus package to boost the economy reeling under the impact of the global financial meltdown, Mukherjee said the government since December last had already announced three packages.
"Whatever is needed will be done," he said, pointing out the government could not take any policy decision since March in view of the general elections for the 15th Lok Sabha in which the Congress-led UPA was voted back to power with bigger mandate.
Noting that signs of economic recovery in Europe are not promising, the minister said, the problems of crisis-hit sectors like textiles, leather and gems and jewellery will be addressed in the budget.
When asked whether he would prefer growth to fiscal prudence, he said, "What is needed is stimulus to growth, we cannot indulge in fiscal profligacy."
"We have identified issues and areas of concern that need to be addressed in this Budget and will work closely with Manmohan Singh in presenting the first budget," Mukherjee said, adding that "every minister is Prime Minister's minister."
The job of a finance minister, he added, is to strike a balance between the competing demands of different sections of society.
Commenting on the economic growth, Mukherjee said 2008-09 growth will be close to the assessment made by the Central Statistical Organisation, which estimated a growth rate of 7.1 per cent for the previous fiscal.
As regards the current year, he said, things may start picking up in the second half. "I am hoping so. Some indications are available."
The capital inflow in April-May started picking up slowly but steadily, he said, adding "manufacturing is yet to pick up."
Referring to development of infrastructure sector, the finance minister said: "Infrastructure is to get adequate attention. Massive investment in infrastructure is needed to spur growth. We need to review resources, delivery system to the core sector."
The minister further said there is a need to have a fresh look at the Fiscal Responsibility and Budget Management Act (FRBM), which had prescribed the targets for revenue and fiscal deficits.
