RS returns supplementary demands bill

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New Delhi, Oct 22 (UNI) The Rajya Sabha today returned the first batch of Supplementary Demands for Grants for 2008-09 authorising the government gross additional expenditure of Rs 2,37,285.84 crore even as Finance Minister P Chidambaram reiterated that thefundamentals of the Indian economy were strong.

Commending the passage of the Finance Bill, Mr Chidambaram assured that the nation would be able to overcome the ripple effects on the economy caused by the global meltdown drawing strength from a strong economy.

"We will overcome the crisis and build a prosperous India for future generations," he said, adding that even the worst critics were estimating the growth at 7 per cent which is the second highest growth in the world in a year of recession.

"We have not embraced either Capitalism or Communism like the West or the East. The country will continue to be a mixed economy where both the Public and private sector would have a due role," he told the House, replying to a debate on the supplementary estimates.

The Bill was passed by the Lok Sabha on Monday. With the Rajya Sabha returning the Bill, Parliament has passed the Financial Bill.


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