New Delhi: Union Finance Minister Pranab Mukerjee's Budget Speech seeks to address the three challenges facing the economy-to lead the economy back to the high GDP growth rate of 9 per cent per annum at the earliest, to deepen and broaden the agenda for inclusive development, and to energise government and improve delivery mechanism.
Insrastructure development has be given a big boost. Bootlenecks for speedy implementation of infrastructure project will be removed to ensure that sufficient funds are made available for this sector.
Infrastructure Finance Company Limited (IIFCL) will evolve a 'Takeout financing' scheme in consultation with banks to facilitate incremental lending to the infrastructure sector.
Allocation for the National Highways Development Programme is being increased by 23 per cent, Jawaharlal Nehru National Urban Renewal Mission by 87 per cent and Accelerated Power Development and Reform Programme by 160 per cent.
A new scheme, Rajiv Awas Yojana, will be introduced with the aim to make the country slum free in the next five years.
The Government proposes to develop a blueprint for long distance gas highway leading to a National Gas Grid. This would facilitate transportation of gas across the length and breadth of the country.
The target for agriculture credit flow has been increased from Rs 2,87,000 crore last year to Rs 3,25,000 crore for 2009-10. The interest subvention available for short term crop loans up to Rs 3 lakh per farmer will continue and an additional subvention of 1 per cent will be paid from this year to those farmers who repay such loans on schedule. Thus, the interest rate for these farmers will come down to 6 per cent year.
Comments
0 comment