Pranab Mukherjee Speaks On Budget Eve (02-Mar-2010)
The Finance Minister does not normally speak on the eve of the Union Budget in Parliament on issues that he may have to address in his Budget speech.
But, however, Pranab Mukherjee spoke at length on measures being taken by the government to combat 17.58% food inflation and certain other aspects of the economy.
The Finance Minister did not compel members in the Rajya Sabha with clarifications on his intervention in the debate on the issue of price rise.
This he dint, even when CPI-M member Sitaram Yechury sought some more information.
Meanwhile, after Mukherjee explained his constraints, Yechuri agreed with the spirit.
The Finance Minister will present the Budget today and it is expected to partially withdraw stimulus package and reveal certain measures in order to deal with inflation.
Yesterday, the Economic Survey predicted that India would rebound to a high 9% growth in 2011-12 on the way to becoming world''s fastest growing economy in four years.
However, the survey was announced by Finance Minister Pranab Mukherjee.
He also said that the road to recovery gives scope for gradual stimulus roll back while the high double-digit food inflation in 2009-10 is a major concern.
He said that there were signs of food inflation spreading to other sectors whereas farm & allied sector production falls 0.2% in 2009-10.
He favours making available food in open market and also favours monthly ration coupons usable anywhere for poor.
Meanwhile, he said that the Gross fiscal deficit is pegged at 6.5% of GDP in 2009-10 while he declared India as the 10th largest gold holding nation at 557.7 tonnes
Exports in April-December 2009 are down 20.3% while imports in April-December 2009 are down 23.6%
He said that trade gap narrowed to USD 76.24 bn in April-December whereas 32.5% savings & 34.9% investment (of GDP in 2008-09) has put India in league of world''s fastest growing nations.
On the other hand, he added that the government initiates steps to boost private investment in agriculture and he wants credit available at reasonable rates on time for private sector to invest in agriculture
The slowdown in infrastructure that began in 2007 has been arrested whereas domestic oil production will rise 11% in 2009-10
The also said that the gas output is up 52.8% to 50.2 billion cubic meters with RIL starting production
India is the world''s 2nd largest wireless network with 525.1 million mobile users while virtually every second Indian has access to phone
Lastly, he said that the auction for 3G spectrum to provide existing and foreign players to bring in new technology and innovations.
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