New Delhi: Presenting the Interim Budget in the Parliament, acting Finance Minister Pranab Mukherjee said that the economy had maintained a growth between 7%-8% and per capita income had grown by 7.4% in the last 4 yrs. He also said that government was within striking distance of fiscal correction.
He people of India had voted for change. He referred to the CMP of the UPA which he said was created to bring about this change.
Highlights
# People voted for change
# Manmohan singh wanted a change in the way the country is run
# CMP was built around this call for change
# 7 economic objectives
# Maintaining 7-8% growth
# Access to education, health
# Employment generation
# Assuring 100 days of employment
# Agri, rural development
# Fiscal consolidation and reform
# Fiscal devolution
# Indian showed sustained growth of over 9 %
# 4.7% growth in per capita in 4 yrs
# Fiscal Deficit between 4.5% to 2.3%
# Domestic investment rate as a proportion increased to 39% in 2008
# Domestic saving increased to 39%
# All with guidance of Sonia Gandhi, Manmohan and with P Chidambaram contribution
# Growth drivers were Agri, services, manufacturing, construction
# Real heroes of Indian success stories are farmers
# 22.5 of wheat 28.5 mt of rice in PDS
# Food production grew by 10% every year to reach 230 mt in 08
# Manufacturing growth 9.5% inform 04 to 08
# Construction growth 26% from 04 to 08
# Export grew by 26.4% from 04 to 08
# Foreign trade as part of GDP grew to 35.5% in 08
# Capital inflows in 08 : 97% of GDP
# This lead to accumulation of reserves and pressure on prices
# Effort made to deliver on commitments
1155 hrs IST: Per capita income increased 7.4% per annum during the UPA govt’s tenure
1154 hrs IST: Fertiliser subsidy increased by Rs44,863cr from about Rs14,000cr during 2008-09
1152 hrs IST: Expenditure for 08-09: Rs750,884cr, Planned expenditure: Rs2,43,386cr
1148 hrs IST: 15-point programme for the welfare of minorities set up
1148 hrs IST: Rs 65,300 crore in loans waived for farmers in FY 08-09
1147 hrs IST: Revised budget estimates for 2008-09 increased to Rs 909,053 crore from Rs 750,884 crore
1146 hrs IST: Non-performing assets of public sector banks have fallen from 7.8% in 2007 to 2.3% in March 2008
1144 hrs IST: The PSU profits have gone up 72 pc from 53000 crore to 91000 crore and their contribution to the central exchequer has gone up 86%
1143 hrs IST; Rs 632 crore provided for recaptalisation of Regional Rural Banks
1143 hrs IST: Turnover of public sector companies increased from Rs587,000cr in 2003-04 to Rs10,87,000cr in 2007-08
1141 hrs IST: Outlay on higher education has been increased 900% in the 11th Five Year Plan
1138 hrs IST: FDI inflow of $23.3bn between April and Nov 08
1137 hrs IST: Govt to continue to provide interest subsidy to farmers in FY 10
1134 hrs IST: Student loans increased from Rs4,500cr to Rs24,260cr as on September 30 over 3 years
1133 hrs IST: New scheme for young widows in the age group of 18 to 40 unveiled; will get priority in admission to ITIs and a stipend of Rs 500 per month
1130 hrs IST: Inflation rate fell to 4.4 per cent on January 31, 2009
1129 hrs IST: World economy, according to forecasts, will fare worse in 2009 than in 2008
1128 hrs IST: India is second fastest growing economy in the world with 7.1% GDP expansion in 2008-09
1128 hrs IST: Export growth rate in first nine months of 2008-09 touched 17.1%. Industrial production fell by 2% in December
1128 hrs IST: Occasional downturns are inescapable in market economy, Mukherjee quotes Amartya Sen
1127 hrs IST: Allocation for agriculture increased by 300% from 2003-04 to 2008-09
1121 hrs IST: Agri credit raised to Rs 2,50,000 crore
1048 hrs IST: Populist handouts likely in UPA’s Budget
SOURCE: www.nhatky.in
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