India interim budget offers no big new stimulus

Investors reacted with dismay Monday after India's acting finance minister said new economic stimulus measures would have to wait until after national elections, which must be held by May.

Pranab Mukherjee, the acting finance minister, presented an interim budget to parliament Monday that contained no major new stimulus spending or tax cuts, disappointing investors who had hoped the government would break with tradition and announce new stimulus initiatives despite upcoming elections.

He said it would be up to the new government to undertake additional spending _ and take on additional debt _ to counter the worsening global downturn.

"There …