Union finance minister Pranab Mukherjee on Wednesday said the government has a broad plan of action to revive the economy, not necessarily through an immediate stimulus package. ?Sustained stimulus to growth can be harnessed by the next round of economic reforms,? he said.

In a move to enable ample, cheaper credit to industry, Mukherjee said he has called a meeting of public sector bank chiefs in the first week of June to seek commitments on what he called ?a benign plan of action?. ?The cost and the speed with which finance can be accessed remain matters of concern,? he said at his first press conference since taking charge on Monday.

Public sector banks have told the ministry that there is leeway to reduce prime lending rates by another 50 basis points, officials said. Promising to unveil the Budget within the first week of July, Mukherjee reiterated, ?Reviving the growth momentum of our economy, which has been affected by the global financial crisis, is the topmost priority of this government. Fiscal prudence has to be kept in mind while taking steps to revive the economy.?

Mukherjee also promised to impart further momentum to investment in the infrastructure sector by reappraising the project pipeline and simplifying policies and procedures. He also said the government would bring into force the amended Prevention of Money Laundering Act.

While he did not entirely rule out another stimulus package, Mukherjee said the government is assessing the impact of the three packages announced since December. Taking a potshot at the ?prophets of doom unduly focused on increased public spending?, the minister said growth restoration would not have been possible without the extra spending financed by market borrowings.

Though elevated spending and borrowings would need to be continued this fiscal too, Mukherjee hopes to stick to the fiscal deficit target of 5.5% spelt out in the interim Budget. The government plans to raise Rs 3.62 lakh crore in 2009-10, though a fresh borrowing plan would be announced in the Budget.

Even as the Centre has missed the deficit targets set out under the Fiscal Responsibility & Budget Management Act of 2004, Mukherjee stressed he is committed to the fiscal consolidation process over the next two to three years.