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India to step up infrastructure spending
Tuesday, 03 February 2004, 20:30 IST
NEW DELHI: India is planning to substantially step up infrastructure spending in areas like power, roads, highways and shipping, Finance Minister Jaswant Singh said Tuesday.
He was presenting the vote-on-account or interim budget for 2004-05 in parliament.
Of the central plan outlay of 
1.56 trillion for 2004-05, as compared to revised estimate of 1.42 trillion for 2003-04, power generation, roads, highways and shipping sectors will get major shares in the next fiscal year, said Singh.
While outlays for power, roads and highway are being enhanced by 30 billion each, with power getting 156.30 billion and road and highways getting 103.44 billion, the departments of shipping and atomic energy will get a hike of over 10 billion compared to this year, the minister said.
Other major focus of the government will be health and family welfare, with an outlay of 74.81 billion, human resources development (106.25 billion) and agriculture (41.92 billion), an increase of 10 billion each.
The gross budgetary support for the 2004-05 plan has been fixed at 1.35 trillion, indicating an increase of 11.6 percent over the current year.
Out of this, 813.67 billion is the budgetary support for central plan, a 12.8 percent increase over the current year.
On the non-plan side, the budget estimates for the next year shows a net increase of 162.18 billion mainly due to interest payments and debt servicing, defence, grants and loans to state governments and food subsidies.
The government unveils its annual budget every year at the end of February.
In view of early parliamentary election, likely to be held by April, it is coming up with a vote-on-account to seek parliament's nod for general expenses in lieu of the normal budget.
Stating that the "government has demonstrated its resolve on fiscal consolidation by performing better than the budgetary targets," Singh said the fiscal deficit stood at 4.8 percent of the estimated GDP and the revenue deficit at 3.6 percent of the estimated GDP.
"The revised estimates have shown a decrease of 111.43 billion as compared to the budget estimates. This reduction in expenditure has been achieved despite enhanced spending on rural development, the Sarva Shiksha Abhiyan (education for all programme), the Delhi Metro Rail Project and additional support for railways," Singh said.
"The net tax revenues has shown an increase of 33.70 billion, while non-tax revenue is estimated to be 57.22 billion more than the estimated level.
"Disinvestment receipts at 145 billion was also higher than the budget estimate of 132 billion," Singh told parliament.
Source: IANS
1.56 trillion for 2004-05, as compared to revised estimate of 1.42 trillion for 2003-04, power generation, roads, highways and shipping sectors will get major shares in the next fiscal year, said Singh.
While outlays for power, roads and highway are being enhanced by 30 billion each, with power getting 156.30 billion and road and highways getting 103.44 billion, the departments of shipping and atomic energy will get a hike of over 10 billion compared to this year, the minister said.
Other major focus of the government will be health and family welfare, with an outlay of 74.81 billion, human resources development (106.25 billion) and agriculture (41.92 billion), an increase of 10 billion each.
The gross budgetary support for the 2004-05 plan has been fixed at 1.35 trillion, indicating an increase of 11.6 percent over the current year.
Out of this, 813.67 billion is the budgetary support for central plan, a 12.8 percent increase over the current year.
On the non-plan side, the budget estimates for the next year shows a net increase of 162.18 billion mainly due to interest payments and debt servicing, defence, grants and loans to state governments and food subsidies.
The government unveils its annual budget every year at the end of February.
In view of early parliamentary election, likely to be held by April, it is coming up with a vote-on-account to seek parliament's nod for general expenses in lieu of the normal budget.
Stating that the "government has demonstrated its resolve on fiscal consolidation by performing better than the budgetary targets," Singh said the fiscal deficit stood at 4.8 percent of the estimated GDP and the revenue deficit at 3.6 percent of the estimated GDP.
"The revised estimates have shown a decrease of 111.43 billion as compared to the budget estimates. This reduction in expenditure has been achieved despite enhanced spending on rural development, the Sarva Shiksha Abhiyan (education for all programme), the Delhi Metro Rail Project and additional support for railways," Singh said.
"The net tax revenues has shown an increase of 33.70 billion, while non-tax revenue is estimated to be 57.22 billion more than the estimated level.
"Disinvestment receipts at 145 billion was also higher than the budget estimate of 132 billion," Singh told parliament.
Source: IANS