PC defends General Budget,says it has focus on agriculture

Chennai, Mar 11 (UNI) Finance Minister P Chidambaram today defended Union Budget 2007-08 saying it was aimed at distributing the fruits of economic growth in an equitable fashion among all sections of the society, especially the poor, besides giving a boost to agriculture.

Addressing a public meeting on the Union Budget organised by the Tamil Nadu Congress Committee here, Mr Chidambaram said, "If the 1997 Budget had a message to the world that India was ready to enter the competition-driven market economy and achieve economic growth, Budget 2007-08 conveyed to the people that we are ready to share the benefits of growth with the weaker and neglected sections of society." Mr Chidambaram said if the 1997 budget was a "dream budget", aimed at industrial and service sectors' growth, the current Budget was a "green budget" to lift the agricultural economy to help it achieve four per cent growth.

No tax exemptions and concessions were given to corporate sector "since it was not necessary," he said.

He also pointed out industry and service sector had already recorded more than eight per cent growth which would continue this year also.

The combined net profits of the corporates stood at about Rs 4.84 lakh crore and they paid 19.26 per cent of their profit as tax which had not been increased so far by the government.

The Centre had done nothing to affect their profits or economic growth. "You are prospering and continue to prosper. We have done nothing to harm you. There are other weak sectors and weaker sections like farmers to be taken care of," he said MORE UNI