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In a joint statement issued here on Monday, government spokesmen Jay Narayan Vyas and Saurabh Patel said the subsidy of a meagre two per cent interest announced by acting Union Finance Minister Pranab Mukherjee in the Interim Budget for export-oriented industries would not help bring these industries out of the meltdown.
They said the UPA government had also failed to announce some concrete measures for the development of agriculture and agro-based industries, despite thousands of farmers having committed suicide across the country in the last four years. The Congress-led UPA regime has not even given a thought to increasing the agricultural growth in the Indian economy from two to four per cent.
"There is only a populist talk in the entire Interim Budget (in view of the impending Lok Sabha elections), without any mention of the future economic plan of action. The UPA regime has lost control over its revenue expenditure and has failed to check the growing non-plan expenditure," Vyas said.
He added that the previous BJP-led NDA government had set the wheels in motion to take the growth rate up to double digit. But it is expected to go down to 7.1 per cent this fiscal due to the UPA regime's "mismanagement and maladministration" in the last four years, he said, adding that even Mukherjee has admitted to this while presenting the Interim Budget in Parliament on Monday.
GCCI gives a thumbs down
The Gujarat Chamber of Commerce and Industry (GCCI) on Monday stated that the Interim Budget presented by the Central Finance Minister Pranav Mukherjee does not give any hope for economic revival in the near future. Rupesh Shah, President, GCCI mentioned that though the Railway Budget was encouraging with measures like reduction in passenger tariffs by 2%, the General Budget was disappointing, to say the least. “Much needed tax reliefs to revitalise the economy and investment benefits for infrastructure should have been considered,” GCCI stated. Declaration of allocations of Rs 37,000 crores in infrastructure sector and Rs 67,000 crores in public private sector is contrary to expectations.
Further acknowledging that the social sector has been duly emphasised in the interim budget, Rupesh Shah appreciated the allocation to education that has been increased by 900% and announcement of various special schemes for rural India.
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i dont understand the mentality and strategy of the oppositions, instead of walking side by side in difficult situation, they are pushing each other off. In relation to the farmers i would say that the opposition has a point, and clearly the UPA govt. should have considered this as still around 60% of the population directly or indirectly Depends on agriculture for livelyhood. Instead of blaming global economical meltdown for the inhouse financial crisis and reduction in the development ratios, Our country's population which is approx, 15% of the worlds population can provide a subsequent size of market for the business, and thus avoiding the effects of global crisis, For eg. china. so i guess the lessons which we all learned in schools that 'United we stand and Divided we fall' should also be learned and understood by our throne Hungry politicians.