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Chidambaram begins presenting India's 82nd
budget
Thursday February 28, 2013 11:37:36 AM,
IANS
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New Delhi:
Amid high expectations of reversing the sharp slowdown in the
country's growth, Finance Minister P. Chidambaram presented
India's 82nd budget in the Lok Sabha Thursday, saying that
challenges remained but there was no need for gloom.
The finance minister began his speech by seeking the support all
stakeholders in helping navigate the Indian economy through the
current crisis. He said getting back to high growth rates of over
8-9 percent seen some years ago was the main challenge.
"We have done it before, and we can do it again," Chidambaram
said, in what was his eighth budget for the country. "Whatever may
be the final outcome, growth is below potential. But there is no
need for gloom."
He said the Indian economy was today constrained by three factors:
high fiscal deficit, slow growth and high inflation. "My greater
worry is current account deficit," he said, alluding to the high
oil import bill the country has been burdened with.
"India will need $75 billion to finance the current account
deficit," he said, adding that this could only be done by
attracting foreign direct investment in large amounts. "India does
not have the choice in either welcoming or spurring foreign
investment."
Budget
Higlights
Human resource development ministry
to get Rs.65,867 crore
Rs.13,250 crore allocated for midday meals scheme
Rs.17,700 crore allocated for Integrated Child Development Scheme
Drinking water and sanitation ministry allocated Rs.15,260 crore
Allocation of rural development ministry allocation raised by 46
percent to Rs.80,294 crore; Rs.33,000 crore for rural jobs scheme
Budget expenditure for 2013-14 at Rs.16 lakh 65,297 crore; plan
expenditure at 5 lakh 55,224 crore
Rs.41,000 crore for Scheduled Caste plan
Rs.97,000 crore for women's development
Rs.110 crore for department of disabilities
Rs.37,330 crore for health ministry
Average growth during UPA-1 was 8 percent; high growth not a
novelty
Current account deficit a worry because of high oil and gold
imports
Will need $75 billion to finance current account deficit
Need to encourage FDI in consonance with economic priorities
WPI inflation down to 7 percent; food inflation worrying.
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