Highlights of interim budget presented in Lok Sabha (Fourth Lead)

February 16th, 2009 - 2:09 pm ICT by IANS  

New Delhi, Feb 16 (IANS) Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday:

* Plan expenditure for 2009-10 pegged at Rs.952,231 crore (Rs.9.52 trillion)

* Budgetary support for 2009-10 at Rs.2,85,149 crore (Rs.2.85 trillion), 17.16 percent

* Additional plan expenditure between 0.5 percent to 1 percent of GDP may be considered

* Fiscal deficit forecast 5.5 percent of GDP for 2009-10

* Revenue deficit forecast 4 percent of GDP for 2009-10

* Subsidy for food, fertiliser and petroleum at Rs.95,579 crore

* Defence allocation increased to Rs.141,703 crore (Rs.1.417 trillion)

* Urban renewal spending pegged at Rs.11,842 crore (Rs.118.42 billion)

* Rural sanitation spending at Rs.1,200 crore (Rs.12 billion)

* National rural health mission spending at Rs.12,070 crore (Rs.120.7 billion)

* Rural infrastructure development outlay at Rs.14,000 crore (Rs.140 billion)

* Midday meal scheme spending at Rs.8,000 crore (Rs.80 billion)

* India remains second-fastest growing economy in the world

* Economy expected to grow 7.1 percent this fiscal

* Need to make economic growth inclusive

* Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09

* Under public-private partnership (PPP), 54 central infrastructure projects approved

* Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion)

* India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March

* India has weathered inflation crisis, but no room for complacency

* Country’s agriculture outlook is encouraging

* Focussed attention to agriculture

* Plan allocation for farm sector hiked 300 percent in past five years

* Three-fold increase in short-term agriculture credit to Rs.250,000 crore (Rs.2.5 trillion)

* Farm debt worth Rs.65,300 crore (Rs.653 billion) waived

* Government will continue to provide additional subsidy to farmers

* Corpus of Rural Infrastructure Development Fund hiked to Rs.14,000 crore (Rs.140 billion) from Rs.5,500 crore (Rs.55 billion)

* Outlay for higher education hiked 900 percent for 11th Five Year Plan

* Country’s social security net will be strengthened

* New scheme unveiled for young widows in the age group of 18-40

* New disability pension scheme introduced for age group of 18-40

* 15 point programme for welfare of minorities set up

* Record foreign direct investment of $32.4 billion attracted

* Global economic situation not encouraging

* Extraordinary situation merits extraordinary measures

* Need to consider additional fiscal measures in regular budget

* Financial sector reforms need to be accelerated

* Non-performing assets (NPAs) of public sector banks have declined

* State-run banks see NPAs drop from 7.8 percent to 2.3 percent in four years

* Number of loss-making state-run units down from 73 to 58

* Profit-making units up from 143 units to 158 units

* In past three years, India grew by average of over 9 percent

* Per capita income expanded by 4.7 percent per annum

* Fiscal deficit was brought down from 4.5 percent to 2.7 percent

* Revenue deficit was cut from 3.6 percent to 1.1 percent

* Exports increased 26.4 percent per annum

* Foreign trade increased from 27.3 percent to 35.5 percent

* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent

* Agriculture grew by 3.7 percent per annum

* Revised estimates for 2009-09 peg plan expenditure at Rs.282,957 crore (Rs.2.83 trillion)

* Central plan increased for host of areas like telecom, rural development

* Tax collections expected to fall to Rs.627,949 crore (Rs.6.28 trillion)

* Revised revenue deficit is 4.4 percent of GDP against 1 percent

* Revised fiscal deficit at 6 percent of GDP against 2.5 percent

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