Union Budget likely to be presented on February 26

The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the conventional date. Finance minister Pranab Mukherjee indicated this to journalists during a lunch hosted by him at his residence here today.

The annual budget date is being advanced from the normal practice of being presented on February 28, because February 27 is a government holiday on account of Prophet Mohammad's birthday and February 28 is a Sunday. The Cabinet is expected to approve the date soon.

Mukherjee said that the economy was generally looking up and signs were good. This would be the second budget of the UPA-II, with the first one presented in July last year after the general elections.

The budget exercise has already been initiated by the finance ministry amid a debate on whether stimulus measures should continue and if so, for how long, in the wake of the economy showing signs of recovery.

Both prime minister Manmohan Singh as well as Mukherjee have expressed the confidence that India's GDP would clock 9-10% growth in the near future and expand by over 7% this fiscal.