NEW DELHI: Finance Secretary Arun Ramanathan, in a post budget media briefing, said the budget addressed two problems - global financial crisis and how to tackle it....

"The advance estimate of GDP growth at 7.1% does offer a glimmer of hope, and we have to analyse the issues and take considered steps. Conditions in the next year is not comfortable.." he added.

He added that everybody will have to give time for the initiatives to play out, and ensure that plans are implemented properly.

Ashok Chawla, Secretary, Economic Affairs, said there is a roadmap for recaptilisation of PSU banks... "We have approached World Bank for $3.2 billion for the recaptilisation of banks..."

Revenue Secretary P V Bhide said the economy cannot be isolated from the global developments... "Did anyone know about the global meltdown?"

He added that the Finance Minister has said the country will move to goods and service tax (GST) by 2010.