Budget to help Pondy's development: CM

Puducherry, Apr 4: Puducherry Chief Minister N Rangasamy today maintained though no new schemes were announced in the 2008-09 Budget, it would be one which led Puducherry on a developmental path.

Winding up the two-day general discussion on the Budget, the Chief Minister said his administration had taken steps to curb price rise. Five essential commodities would be supplied through the PDS from April 16. He said a separate allocation under the Special Component Plan (SCP) for the development of the Dalits was made in the Budget.

Stating the Union Government had waived Rs 60,000 crore farm loans, Mr Rangasamy said the administration would take steps to waive loans after getting an idea on Puducherry's share.

He said his government was striving to uplift the weaker sections and 97 per cent of the allocation was for implementation of welfare schemes.

The government was committed to implement the schemes announced in the last year's Budget. There was an apprehension whether it would be possible if new schemes were announced and hence, the administration refrained from announcing new schemes in this Budget, he added.

Mr Rangasmay said thrust was on infrastructural development and employment generation in this Budget. IT and Textile parks would be set up here to provide employment to youth and women. A separate corporation for the development of infrastructure was created with which tourism development would be ensured.

Mr Rangasamy said adequate funds were available with the adminstration and there was no financial crisis.

Because of certain problems in implementing schemes, there was apprehension of a financial crisis whereas in reality, adequate funds were available.

Following the Finance Commission's recommendations, the Union Territory will have to go for borrowing from open market.

Unlike the past, Puducherry was getting 70 per cent as loan and 30 per cent as grant,he said adding already the adminstration had availed loan at 7.9 per cent and 8.4 per cent.

The administration was in a situation that it should generate revenue and hence, the funds availed by way of loan would be invested in revenue earning projects only.

Expressing concern on the shrinking of agricultural land here, the Chief Minister said the administation had introduced new technology, including precision farming to improve agriculture here.

UNI