New Delhi, Oct 11 (Calcutta Tube) The London-based magazine Emerging Markets has named Pranab Mukherjee ‘Finance Minister of the Year for Asia 2010‘, citing his ability to steer the Indian economy through the global financial crisis and ‘balancing’ strong growth with fiscal responsibility.
The magazine rated Mukherjee as the best finance minister in Asia for his initiatives to bring fiscal transparency, fuel price reforms and inclusive growth strategies.
It said Mukherjee kept India on the growth track by injecting stimulus directly into the economy during the crisis and putting forward a credible plan to reduce the stimulus over five years.
In June this year, Mukherjee demonstrated his reformist zeal by deregulating petrol prices, a move which could reduce fiscal burden by 1.5 percent of the GDP.
The finance minister also spearheaded the government’s flagship anti-poverty measure with a food security bill that aims to provide grain to an estimated 80 million households that are below the poverty line.
This year’s award is based on nominations from public and private sector economists, analysts, bankers, investors and other experts.
‘This award unequivocally signals the confidence finance minister has inspired in key stakeholders, by virtue of his fuel price reforms, fiscal transparency and inclusive growth strategies,’ a finance ministry statement said here.
This is the second time Mukherjee has been honoured by a media organisation. He was rated best finance minister in the world by Euromoney magazine in 1984.
This is Mukherjee’s second stint as India’s finance minister. He had served as finance minister from 1982-84.