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Jul 06, 2009, 08.41 PM IST
Finance Minister Pranab Mukherjee has amply thanked his voters in Budget. "It is a mandate for inclusive growth and continuity. It is a mandate that we accept," he said, adding that the Budget proposals reflect this.
He, however, kept his focus on infrastructure and public-private partnership. He also emphasised the need to sustain 9% growth rate and strengthen the economy's mechanism to create 12 million jobs. The last time Mr Mukherjee presented the budget was 25 years ago. A lot is expected of the budget — it is meant to reflect the popular mandate that the UPA govt got in the recently-conducted polls. The industry is looking for incentives to boost demand and the common man for increased spends in the social sectors.
Budget speech highlights: State-owned banks and insurance firms to remain in public sector Work on National Food Security scheme for providing food at cheaper rates to the poor has begun Increase allocation for Prime Minister Gram Sadak Yojana by 59 pc Allocation of Rs 39,100 crore for NREGA for 2009-10 Govt to provide real wage of Rs 100 per day under NREGA IT Return forms to be made simple and user friendly< Allocation for national highways development stepped up by 23 pc Allocation for schemes for the urban poor to be raised to Rs.39,730 cr in 2009-10 75 per cent increase for Accelerated Irrigation Programme Extension of stimulus package for print media to be extended till December 2009 Indian Infrastructure Financial Corporation Limited (IIFCL) to evolve financing mechanism for giving increased support to in frastructure projects Target for agricultu re credit raised to Rs 3,25,000 cr in 2009-10 from Rs 2,87,000 cr Enhancing allocation from Rs 200 crore to Rs 500 crore for flood management project in Mumbai Funds for Jawaharlal Nehru Urban Renewal Mission increased by 87 pc to Rs 12,887 cr Funds for housing for urban poor to be raised to Rs 3,973 crore Pranab forecasts GDP growth at 6.7 per cent for 2008-09 Growth rate in 2008-09 dipped to 6.7 pc from average 9 pc growth Govt says its will broaden the agenda for inclusive development Significant inflow of foreign capital is important Govt moving towards providing energy security and integrated energy policy Single Budget cannot solve all our problems. It is a means to share the vision of the government with all Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP Total fiscal stimulus during 2008-09 amounts to Rs 1,86,000 crore Govt plans to return economy to high GDP growth rate of 9 pc
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