• search

Allocations raised for 8 flagship UPA programmes

Written by: Staff

New Delhi, Feb 28: Finance Minister P Chidambaram today (Feb 28, 2006) painted a buoyant picture of the economy and said that the government would work to achieve a 10 per cent growth rate even as he substantially raised allocations to social sectors, including the eight flagship programmes of the United Progressive Alliance (UPA) Government.

Presenting his third Budget in the Lok Sabha, Mr Chidambaram said 8.1 per cent GDP growth for 2005-06 was the result of the policies of the UPA Government.

The biggest increase in allocations came for the Bharat Nirman Programme which has six components -- rural drinking water, electrification, rural roads, irrigation , housing and telecom. The programme has been put on the mission mode.

Thrust to agriculture in being maintained in this year's Budget too with institutional credit being hiked from Rs 140,000 crore to Rs 175,000 crore. There were other sops as wekk for the farming community, including slashing of short term interest rates to the agriculture sector from nine per cent to seven per cent with upward limit of Rs three lakh.

Notwithstanding the see-saw battle between the Planning Commission and the Finance Ministry on the Gross Budgetary Support, the Finance Minister announced a hike of 20.4 per cent to the GBS at Rs 172,788 crore.

The government will encourage FDI in infrastructure areas with the requirement from this source being pegged at 150 billion dollar.

From a services hub, the Finance Minister said, that the policies will be so directed to make India a hub of manufacturing with emphasis on textiles and automobiles.


Related Stories

Budget: 4 Hotel management Inst to be opened -Live

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more