Re: Releases.......General Budget........

On Mon, Jul 6, 2009 at 1:34 PM, PIB Calcutta <pib.calcutta@gmail.com> wrote:

Press Information Bureau
Government of India
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Ministry of Finance                                                       General Budget 2009-10
High GDP growth, inclusive development and improved delivery mechanism
to be key challenges- Finance Minister
New Delhi: July 6, 2009

The Finance Minister Shri Pranab Mukherjee while presenting Budget
2009-10 in Lok Sabha today has said that the Government has clearly
recognized and identified the challenges to boost Indian economy
specially at a time when the world is still struggling with an
unprecedented financial crisis and an economic slowdown that has also
affected India. Elaborating on challenges, the Minister pointed out
that the first challenge is to lead the economy back to the high GDP
growth rate of 9 percent per annum at the earliest. Growth of income
is important in itself, but it is as important for the resources that
it brings in. These resources provide us with the means to bridge the
critical gaps that remain in our development efforts, particularly
with regard to the welfare of the vulnerable segments of our
population.
Mr. Mukherjee said that the second challenge is to deepen and broaden
the agenda for inclusive development; and to ensure that no individual
community or region is denied the opportunity to participate in and
benefit from the development process.
The third challenge, he said, is to re-energize government and improve
delivery mechanisms. Out institutions must provide high quality public
services, security and the rule of law to all citizens with
transparency and accountability.

bsc/aks/gdk/dk/kol/13:34 hrs.

Press Information Bureau
Government of India
* * * * * *
Ministry of Finance                                                      General Budget 2009-10
Rs. 1,86,000 Crore worth fiscal stimulus to counter global slow down.
New Delhi: July 6, 2009

The Minister of Finance Shri Pranab Mukherjee while pressing the
budget 2009-10 in Lok Sabha today has said that the Government has
taken several measures to counter the negative fall -out of the global
slow down on the Indian Economy. Firstly the Government responded by
providing three focused fiscal stimulus packages in the form of tax
relief to boost demand and increased expenditure on public projects to
create employment and public assets. Secondly, the RBI took a number
of monetary easing and liquidity enhancing measures to facilitate flow
of funds from the financial system to meet the needs of productive
sectors.

The Minister said that this fiscal accommodation led to an increase in
fiscal deficit from 2.7 per cent in 2007-08 to 6.2 per cent of GDP in
2008-09. The difference between the actual of 2007-08 and 2008-09
constituted the total fiscal stimulus. This fiscal stimulus at 3.5% of
GDP at current market prices for 2008-09 amounts to Rs. 1,86,000
crore.

The Mukherjee pointed out that these measures were effective in
arresting the fall in growth rate of GDP in 2008-09 and we achieved a
growth of 6.7 per cent. He said that the efforts would be continued to
provide further stimulus to the economy.

bsc/aks/gdk/dk/kol/13:34 hrs.

Press Information Bureau
Government of India
* * * * * *
Ministry of Finance                                                      General Budget 2009-10
The Finance Minister outlines the focus areas for 2009-10
New Delhi: July 6, 2009

The Minister of Finance Shri Pranab Mukherjee has outlined the focus
areas to anchor its policy frame work for 2009-10. While presenting
the Budget proposal for the year 2009-10, in Lok Sabha today, he
pointed out that the policies in a medium term perspective would have
to pay attention to :-

(a) sustain a growth rate of at least 9 percent per annum over an
extended period of time;

(b) strengthen the mechanisms for inclusive growth for creating about
12 million new work opportunities per year;

(c) reduce the proportion of people living below poverty line to less
than half from current levels by 2014;

(d) ensure that Indian agriculture continues to grow at an annual rate
of 4 per cent;

(e) increase the investment in infrastructure to more than 9 per cent
of GDP by 2014;

(f) support Indian industry to met the challenge of global competition
and sustain the growth momentum in exports;

(g) strengthen and improve the economic regulatory frame work in the country;

(h) expand the range and reach of social safety nets by providing
direct assistance to vulnerable sections;

(i) strengthen the delivery mechanism for primary health care
facilities with a view to improve the preventive and curative health
care in the country.

(j) create a competitive progressive and well regulated education
system of global standards that meets the aspiration of all segments
of the society; and

(k) move towards providing energy security by pursuing an Integrated
Energy Policy.

bsc/aks/gdk/dk/kol/13:35 hrs.


Press Information Bureau
Government of India
* * * * * *
Ministry of Finance                                                      General Budget 2009-10
DEBT - Payment Relief for farmers task force for Maharashtra
New Delhi: July 6, 2009

The Union Minister of Finance Shri Pranab Mukherjee while presenting
the budget 2009-10 in Lok Sabha today announced the extension in the
time given to the farmers having more than two hectares of land to pay
75 per cent of their overdues under Debt Waiver and Debt Relief Scheme
extended from 30th June, 2009 to 31st December, 2009. This extension
of 6 months has been given in the wake of delay in the arrival of
monsoon, he added.

The Minister of Finance proposed to set up a Task Force to examine the
issue of debt taken by a large number of farmers in some regions of
Maharashtra from the private money lenders. As these farmers were not
covered by the Agriculture Debt Waiver and Debt Relief Scheme (2008),
this matter needs to be examined in greater detail, he added.

bsc/bv/gdk/dk/kol/13:35 hrs.



Press Information Bureau
Government of India
* * * * * *
Ministry of Finance                                                      General Budget 2009-10
In Agriculture credit flow of Rs. 3,25,000 crore targeted for the year 2009-10

ADDITIONAL SUBVENTION OF INTEREST FOR FARMERS ANNOUNCED.
New Delhi: July 6, 2009

The Minister of Finance Shri Pranab Mukherjee while presenting the
budget 2009-10 in Lok Sabha today stated that the target for the
agriculture credit flow for the year 2009-10 is being set at Rs.
3,25,000 crore. Agricuture credit flow for the year 2008-09 was Rs.
2,87,000/- crore.

To achieve this, the Union Minister of Finance proposed to continue
the interest subvention scheme for short term crop loans to farmers
for loans up to Rs. 3 lakh per farmer at the interest rate of 7 per
cent per annum. He also announced an additional subvention of 1 per
cent as an incentive to those farmers who pay their short term crop
loans on schedule. The interest rate for these farmers could come down
to 6 per cent per annum. An additional budget provision of Rs. 411
crore over interim Budget has been earmarked for the purpose.

bsc/bv/gdk/dk/kol/13:36 hrs.

--
Palash Biswas
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