Seeing the stock markets neither moving up as seen some days ago nor going down, one gets the sense that they are just waiting for some BIG event to happen. And that event is the Full Union Budget of India 2009-10 that is going to happen on 6th of July 2009.
The newly elected Finance Minister Mr.Pranab Mukherjee will present the Budget on July 6th.
But before the big one comes, there is another major budget to come and that is the Railway Budget for 2009-10 that is set to be presented by Mamata Benerjee on July 3rd 2009.
For Pranab Mukherjee, Finance is not an alien subject as he worked as a Finance minister back in the reign of Indira Gandhi and Rajiv Gandhi in 1982-84.
He also served the deputy chairperson of the Planning commission of India Between 1991 and 1996.
The other positions where he served include the Defence minister of India between 2004 and 2006 and Minister for external affairs in 1995-96 and very recently 2006-09.
He is known to be a shrewd financial person who knows what it takes for a country like India to survive in these situations.
While the Full budget for 2009-10 is scheduled for July 6th, Pranab Mukherjee has one more job in hand even before that to present the Economic survey of India before parliament on this Thursday, July 2nd.
There are quite a few expectations from all Industrial areas with major expectations being from the real estate and Auto sector. While the Government ahs already approved 2 stimulus packages for Automobile companies back in December and January, they want it to show the same concern maintaining the 4% cut in CENVAT and want a cut in the excise duty to 8% from 10%.
Since there were frequent hick-ups in implementing the reforms in the previous reign of the UPA Governement due to the involvement of the left, this budget from Pranab Mukherjee is expected to be full of aggressive reforms.
This being the situation, some stock market analysts predict that the markets will once again start to raise post the Budget by Pranab Mukherjee. This says that the expectations are huge on Pranab Mukherjee and the new stress free Government. So in case the Budget doesn’t live upto the expectations, one shouldn’t be surprised if the ‘supposed to be Golden Friday’ actually turn out to be a ‘Black Friday’.
Watch Subsequent news and live updates on the Stock markets reactions.
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