Budget seeks to minimize global recession impact: PM

Budget seeks to minimize global recession impact: PM
PTI
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First Published: Mon, Jul 06 2009. 02 48 PM IST
Updated: Mon, Jul 06 2009. 02 48 PM IST
New Delhi: Prime Minister Manmohan Singh on Monday said the Union Budget 2009-10 is aimed at minimizing the “impact of the global recession” and achieving 8 to 9% growth in the medium term.
Describing the budget as rural-development-oriented, Singh said its focus was to ensure that short-term requirements of the economy as well as medium-term goals were achieved.
“The Finance Minister has done an admirable job,” Singh said minutes after the Union Budget was presented in the Lok Sabha by finance minister Pranab Mukherjee.
He said right now the major concern was to minimize the “impact of global recession” on the Indian economy.
“We should aim to achieve 8-9% growth in medium term,” Singh said.
He said handsome additional allocation has been made for inclusive growth and other flagship programmes like Urban Renewal Mission and National Rural Health Mission. “It is essentially a rural development-oriented budget,” the Prime Minister added.
“Right now the major concern is to minimize the impact of international recession on the Indian economy and for that it is necessary to provide stimulus to our economy,” Singh said.
“The process (providing stimulus) began in December last year and this budget carries this process further,” he said.
“At the same time there are medium-term concerns that the growth momentum must be restored,” the Prime Minister noted.
On the increased allocation for various rural programmes such as National Rural Employment Guarantee Programme for which Rs39,100 crore has been earmarked and Bharat Nirman for which allocation has been hiked by 45%, Singh said “..these are all programmes which will primarily benefit our rural areas and reduce the gap between Bharat and India.”
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First Published: Mon, Jul 06 2009. 02 48 PM IST