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Budget is growth-oriented: Manmohan Singh
Thursday, 08 July 2004, 19:30 IST
NEW DELHI: Describing it as growth oriented, Prime Minister Manmohan Singh Thursday said the budget for fiscal 2004-05 aims at the overall growth of the economy and ensuring greater social equity.
Interviewed by state broadcaster Doordarshan shortly after Finance Minister P. Chidambaram presented the budget in parliament, the prime minister said the government would step up investments in agriculture and industry and on social and physical infrastructure.
"It is in a rapidly expanding economy, where expansion of agriculture and industry is fast, that one can find a meaningful solution to mass poverty, ignorance and disease, afflicting millions of our people," he said.
"I am very happy the revenue deficit has been brought down by one percent. The fiscal deficit at 4.4 percent is reasonable," he noted.
"Our endeavour will be to wipe out fiscal deficit in the next five years. Fiscal responsibility is very essential for carrying forward economic growth and ensuring social justice," Manmohan Singh said.
Replying to a question on the 
10,000 crore (100 billion) additional plan expenditure provided in the budget, he said it would be utilised to carry out the objectives of the ruling coalition's governance agenda.
Manmohan Singh justified the 27 percent hike in the budget allocation for defence, saying the sector "has been neglected for the last three to four years. We are committed to making good the lost time and the commitment needs to be honoured."
The prime minister described as a "very ambitious" project, the announcement on repairing, renovating and restoring all water bodies that are directly linked to agriculture.
"We have set a target of seven years to restore all the water bodies."
On the decision to raise the income tax exemption limit to Rs 100,000, he said the decision would benefit more than 10 million people
Source: IANS
10,000 crore (100 billion) additional plan expenditure provided in the budget, he said it would be utilised to carry out the objectives of the ruling coalition's governance agenda.
Manmohan Singh justified the 27 percent hike in the budget allocation for defence, saying the sector "has been neglected for the last three to four years. We are committed to making good the lost time and the commitment needs to be honoured."
The prime minister described as a "very ambitious" project, the announcement on repairing, renovating and restoring all water bodies that are directly linked to agriculture.
"We have set a target of seven years to restore all the water bodies."
On the decision to raise the income tax exemption limit to Rs 100,000, he said the decision would benefit more than 10 million people
Source: IANS