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

February 16th, 2009 - 1:13 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:

* 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 (Rs.700 billion) crore 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.2,500 billion)

* 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

* 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

* 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

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