'Insipid' interim budget 2009-2010
He said that investment as a percentage of GDP rose to 39 per cent in 2007-08 from 27.6 per cent. The tax to GDP ratio stood at 12.5 per cent in 2007-08 and revenue deficit as percentage of GDP fell to 1.1 per cent under the UPA regime.
He further said the fiscal deficit stood at 2.7 per cent in 2007-08 as compared to 4.5 per cent in FY04. While farm growth stood at 3.7 per cent in the last four years, foreign trade was at 35.5 per cent of GDP during 2007-08, Mukherjee said. He said capital inflows stood at 9 per cent of GDP during 2007-08.
Mukherjee also said that FY'09 outlook is encouraging if rainfall is normal. He, however, added that the global financial outlook is not encouraging. Maintaining that India is still the second fastest growing economy with 7.1 per cent GDP expansion in 2008-09, Mukherjee said India cannot remain immune to the global financial crisis.
He further said India got a record $32.4 billion FDI in FY08.
Mukherjee said that the government approved 37 infra projects between August'08 and January'09 and added that the stimulus packages in December 2008 and January 2009 aimed at stoking demand.
He said that 50 infrastructure projects worth Rs 67,700 crore were given
in-principle or final approval.
Mukherjee also said India Infrastructure Finance Company has been allowed to raise Rs 30,000
crore from market in the next fiscal year. IIFCL would raise Rs 10,000 crore from market by the end of March 2009. He said IIFCL would finance 60 per cent of commercial loans in private public partnership in critical projects.
Mukherjee also stressed on the need to accelerate the pace of policy reforms. He said the government would expand employment generation schemes and would return to deficit targets after revival.
HighlightsGovt focussed on farms, jobs, fiscal devolution
Manmohan Singh Govt's agenda was change
Economy grew at 9% for 3 straight years
Per capital income growth at 7.4% per annum for 4 yrs
Investment as % of GDP rose to 39% in 2007-08 from 27.6%
Gross domestic savings rate at 37.7% during 2007-08
FY'09 outlook encouraging if rainfall normal
Forecasts indicate 2009 may be worse than 2008
India cannot remain immune to the global financial crisis
Mukherjee: Growth rate of exports down to 17.1% in 9 mths
India still the second fastest growing economy
Packages in Dec-08, Jan-09 aimed at stoking demand
Govt okayed 37 infra projects between August'08-January'09
Refinance to banks for long term credit to infra projects
IIFCL to refinance 60% of commercial bank loans for PPP
IIFCL can raise Rs.10,000cr by Mar'09; extra Rs.30,000cr
FRBM targets relaxed to boost consumption demand
Govt may consider additional fiscal measures in budget
Mukherjee: Need to accelerate pace of policy reforms
Govt will need to return to deficit targets after revival
Govt to expand employment generation schemes
Mukherjee: Steps to bring back 9% growth needed at earliest
Plan allocation for agriculture increased by 300% in 08-09
India got record $32.4bn FDI in FY08
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