• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gross budgetary support for annual plan increased by Rs. 40,000 crore

By Super Admin
|

New Delhi, July 6 (ANI): Finance Minister Pranab Mukherjee in his budget speech on Monday said that the government has taken a conscious and bold decision to enhance the Gross Budgetary Support (GBS) for the Annual Plan 2009-10 by Rs.40,000 crore over the interim budget for 2009-10.

He stressed that bulk of enhanced GBS is directed towards public investment in infrastructure with special emphasis on rural infrastructure, raising growth potential and leading to income generations.

Besides this, Mukherjee said: "The State Governments will be permitted to borrow additional 0.5 per cent of their Gross State Domestic Product (GSDP) by relaxing the fiscal deficit target under FRBM from 3.5 per cent to 4 per cent of their GSDP. This will enable the State Governments to raise additional open market loans of about Rs.21,000 crore in the current year."

Thus, total additionally in the plan expenditure by Centre and the States put together would be Rs.61,000 crore over Interim Budget.

"I do believe that this fiscal expansion will go a long way in reversing the impact of slowdown and accelerate over growth revival in the medium term", the Minister added. (ANI)

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
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