|
|
The following are the highlights of Budget 2009-10.
Highlights
“It is a mandate that we accept with humility and will do all we can for the welfare of the nation”.
- Strong mandate for growth
- Sensitive to the challenges of a young India
- The govt has to sustain a growth of 9% create 12 mn jobs per year
- Reduce poverty levels by half by 2014 infrastructure investment to more than 9% by 2014
- Focus to sustaining momentum in exports
- Strengthen primary healthcare delivery
- Plan to strengthen primary health care
- Broaden inclusive growth agenda
- Our target of agricultural growth at 4%
Challenges
- To get the GDP growth to 9% at the earliest
- To deepen the process of inclusive development
- To reenergise govt, govt must provide service with accountability
- Growth driver in the last 5 yrs has been private investment
- Structure of Indian economy has changes in last 10 yrs
- Now services constitutes more than 50% of GDP
- Increase investment in infrastructure to 9% by 2014
- To focus on infrastructure development
- Growth co-operative effort of Centre and States
- Job growth rate hit by dip in GDP
- Integration of Indian economy with the world has opened up new opportunities and new challenges
- For revival
- Govt provided three stimulus packages
- RBI took monetary measures to meet the needs of productive sector
- This lead to fiscal deficit to rise to 6.2% in 08-09
- We achieved a growth of 6.7% of GDP last fiscal
- Signal of recovery visible in the last few months
- Uncertainty about revival of global economy remains
Infrastructure
- We had set up IFFCL to provide financial assistance to infra companies
- IIFCL will evolve a take-out financing scheme for incremental funding in infra
- Fiscal stimulus helped economy revive
- Sensitive to the needs of young India
- Endeavour to make Budget participatory and ensure continuity
