Pranab unhappy as no debate on finance business in Parliament

Finance minister Pranab Mukherjee on Wednesday expressed dismay over the way Lok Sabha had to approve an additional net expenditure of about Rs 20,000 crore without any discussion in the din by Opposition over demand for a JPC to probe 2G spectrum allocation.

Finance minister Pranab Mukherjee on Wednesday expressed dismay over the way Lok Sabha had to approve an additional net expenditure of about Rs 20,000 crore without any discussion in the din by Opposition over demand for a JPC to probe 2G spectrum allocation.

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"I am not at all happy that we have to pass the supplementary demands in din and bustle...The time is running out," he told reporters after both the Houses were adjourned on the 14th working day.

He said that the government wanted a debate. "I waited for the whole week to have some structured debate, but it could not be done," he regretted.

Mukherjee said that time was running out because Rs 1,000 crore had to be transferred to states for implementing the externally-aided projects.

He said that the additional outgo will not have any impact on the fiscal deficit of the Centre which was pegged at 5.5% of the GDP for 2010-11.

Additional receipts on account of tax buoyancy and auction of the 3G spectrum will make up for the extra expenditure.

While the direct taxes are going up 15 to 30%, the indirect tax realisation has improved by 20 to 30%, he said, adding, "With tax buoyancy and 3G revenue, the government receipt and expenditure will square up. It will not increase the deficit."

The Government had proposed to bring down the fiscal deficit to 5.5% of GDP this financial year from over 6.5% during 2009-10.