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With general elections in April-May, Rs 850 crore has been set aside for poll expenses. With all political parties set to hit the campaign trail sooner than later, Mukherjee sounded his own party's poll bugle, saying "the people will recognise the hand that made it all possible".
In an otherwise lukewarm presentation, Mukherjee held out some tips for the next government. To counter the slowdown, he said, the regular budget must consider tax-rate cuts, and be ready to spend an extra 1% of GDP -- Rs 33,500 crore -- in the next fiscal. Never mind the fiscal deficit that is already estimated at 5.5% of GDP in 2009-10.
The government expects the economy to slow down to 5% in 2009-10 compared with estimated growth rate of 7.1% in the current fiscal. It has estimated a GDP growth rate of 10.97% next fiscal. But with average annual inflation expected to be 5-6%, the real GDP growth rate in 2009-10 is likely to be between 5% and 6%.
In the aftermath of the Mumbai attacks, Mukherjee has, unsurprisingly, hiked defence spend by 24 per cent to Rs 1,41,703 crore. The defence spend for the next fiscal thus accounts for almost 14.86% of the total expenditure (compared with 12.71% in 2008-09 and 12.86% in 2007-08).
The subsidies budget has been slashed by 22% to Rs 1,00,932 crore for the next fiscal, largely because of a cut in global crude oil prices, which in turn will require the government to fork out less money as concession on sale of decontrolled fertilizer to farmers. Mukherjee also expects to realize Rs 1,120 crore from disinvestment.
The allocation towards the government's flagship schemes including the Jawaharlal Nehru Urban Renewal Mission and Rajiv Gandhi Rural Water Drinking Programme have, expectedly jumped to Rs 1,31,317 crore.
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Well done UPA.. well done congress.. well done MM Singh, Chidambaram, Lallooji and last but not the least.. Soniaji for her truthful and dedicated leadership.. I dont know about others, but I would definitly vote for congress because of the last 5 years of their rule and because of the last 60 years of their service to india since independence..!!
In these troubled times with BJP appealing to the basest emotions of Hindus,Congress under MM Singh
This is an interim budget. Why so much fuss about it? UPA says it is a great budget and opposition says its a terrible budget!! Unnecessarily fooling people. There is no point in discussing this budget, unless one wants to discuss the wisdom of an interim budget itself.
Good job by the govt. The economy was definitely managed well by it during its term. It is an interim budget. The market always wants more but it is credit to PM Manmohan Singh he sailed India's ship properly. He and his team deserves kudos and well deserved another term.
The govt has done a very good job in managing India's economy when the world is faltering. The growth rate is still around 7%. The credit goes to Mr. Manmohan Singh and Mr. Chidambaram. The nay sayers here can say whatever they want but that does change the facts. The people say negative things just because of their personal dislikes for Sonia, etc.
A Part time finance Minister has done a part time work for the vote on account. In the time of global economic recession this is like a disaster. The next Budget will be presented only by June-July and hence the next 5 months are gone. Lakhs of youth are loosing jobs and no mention of that. This is sad and worryoing for Indian Economy.
What is wrong in this budget? It increases defence spending, allocates money from drinking water, farming etc which is good. Does not give sops to housing industry which is again good. Land prices will come down, which is good for many to buy houses, no increase in tax, so what is bad, what were people expecting. Reply to this message and let everyone know your expectation. Do not however, write meaningless things about Sonia and Congress. Lets be objective.
Budget defecit=borrowings printing of moneyBudget def is extra spenidng ove revenues.Revenues come from taxpayers money . Borrowings and the interest comes from taxpayers money. whats good about increasing defecit?Most of the allocations never reach the target segments? 80% just vanishes.. All comes from taxpayers money..
It's an interim budget, hence not much can be expected, as the policy decisions are rightly passed on for the next government to decide. However when people who don't understand our democracy and leardership, makes those comments that truly have no meaning or context to this budget. It's good to find people seeing glass full rather than empty.
I AGREE WITH KUMAR. MAKING HUGE ALLOCATION FOR FLAGSHIP PROGRAMME IN THE LAST YEAR IS ETHICALLY UNACCEPTABLE. THIS GOVT. HAS NO LOCUS STANDI TO MAKE SUCH ALLOCATION WHILE IT WILL NOTBE INOFFICE FOR MORE THANA QUARTER YEAR IN 2009. FIRST IT WAS LALU WHO TREATED RAILWAYS AS HIS ANCESTRAL PROPERTY AND DOLED OUT LARGESSE TO BIHAR. NOW THE FINANCE MINISTRY HAS DONE THE SAME. I APPEAL TO ALL SENSIBLE CITIZENS WHO CARE FOR OUR COUNTRY NOT TO WASTE THEIR VOTES. TEACH ALL THESE POLITICIANS A LESSON. MORALITY IN POLITICS IS NON-EXISTENT TODAY. WHAT HAS THE GOVT. DONE IN FIVE YEARS TO INCREASE JOB OPPORTUNITIES BUT FOR DISTRIBUTING MONEY IN RURAL EMPLOYMENT SCHEME.
Sridhar, you do not understand, you are a fool who is just borrowing Ideas. Think yourself and reply.
Let this budget be the last for ever for Sonia's lead UPA govt. which is truly anti-people budget. We the people who have suffered the most in the last 4 years under this UPA regime. Prices of everything has been multiplied, similarly terrorist attacks too. UPA is Anti-national, anti-people government, b.cos of their soft attitude towards terrorists, they have killed much more innocents in dozzens of terrorist attacks in the last 5 years, which is many fold compared to Godhra incident. Sonia is the Gold Medalists to kill maximum number of innocents by her UPA, she is entitled for Param Vishisht Seva Medal.
How does terrorism figure when we are debating the budget? And just because you brought up the topic, who flew with the terrorists and money to a safe place to release them so that they could carry out the Mumbai attack years later?
so what was your suggestion at that time. Leave all those 100 passengers in Afganistan only. Then you would have been the first one to condemn them. What about when terriorists were accompained accross the border to free one daughter on a minister. God! do you all along with the media get paid to agree with the congress govt.
what do you call it when mufti's mohammed daughter was releeased, she is now party leader in kashmir, dont forget terrorists were released for just one person (poiliticians daughter) as opposed about 150 common man .. Rememeber the congress was in power in kashmir with same mufti sayeed and the kidnapped daughter is now leading the party.... pl remember facts... releasing.. also rememeber that no member of your family was in that plane.
This is a ruling government and yes, elections are around the corner; but that should not impact this government to propose a proper budget; That way there could be meaningful discussions in the parliament. The parties who are hopeful of ruling the next time around, will make an effort to have meaningful proposals incorporated.
Am thinking !!!
THE LAST AND FINAL BUDGET FROM THE U.P.A. PEOPLE THINK, THINK, THINK AND VOTE IN THE NEXT ELECTION. THE FUTURE OF INDIA IS IN YOUR HANDS. ATLEAST IN 2009 LET US GET A GOVERNMENT WHO CARE FOR THE PEOPLE . THINK THINK THINK DONT WASTE YOUR HIGHLY VALUABLE VOTE..??
abosulutely agree with Another Kumar.. i think people will vote congress again because of the TINA factor.. (there is no alternative).. or the TINBA factor (there is no better alternative)
Vote for Congress if you want to see the collapse of Indian Economy in front of your eyes. 1 lakh farmers have committed suicide and counting. 1 crore youth have lost jobs. Where is PC now a days, he no onger lectures on Indian Economy?
PC is now the Home Minister.. dont know abt congress, but credit definitely goes to MM Singh and Chidu for managing the economy reasonably well.. people forget that in the 4 years of UPA, India grew by 9% p.a and also the stock index growth was highest in India.. from 5000 when it took over in 2004, it crossed 20,000 in 2008, but then due to the global crisis, went down to 9000.. however, considering that EU and US are growing at -ve rate, India at 7% is still a miracle economy.. even China has been affected very badly..
I will vote Congress again becuase i am not folled with your ideas Prasad.Think Think I have done enough thing and seens enough in last five years.PM in waiting ki to bolti hi band ho gayi..lolwell done UPA