This story is from March 1, 2008

PC rocks with fusion Budget

Mukesh Ambani / Mar 1, 2008, 01:28 IST

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The Rs 60,000-crore allocation for waiving debts of small and marginal farmers and relief to others is a powerful political statement that the farmer's problems are now at the centre of the development agenda.

The Budget reflects the finance minister's commitment to rural transformation and inclusive growth. It endeavours to embrace large sections of rural society in a historic attempt to free them from the suffocating debt trap. It attempts to bridge the access, income and opportunity divide in India.
The Rs 60,000-crore allocation for waiving debts of small and marginal farmers and relief to others is a powerful political statement that the farmer's problems are now at the centre of the development agenda.It will reopen the credit channel for affected farmers from next year.
Revenue expenditure on the social sector, specially education, is an essential prerequisite to enable India to reap fully the demographic dividend.
Skill development and healthcare, enlarging the footprint of national rural employment schemes, expanding coverage of mid-day meals, enhancing significantly budgetary support for rural educational and healthcare institutions, increasing subsidies on housing are all important examples in this context.

Mr Chidambaram has not lost sight of the need to stoke economic growth and manage inflation. He has attempted to do this by managing revenue and fiscal deficits, trimming excise duty across the board, reducing project import duties, and raising personal taxation exemption.
The Budget puts more purchasing power into the hands of ordinary citizens and stimulates a potent source of indigenous growth.
This Budget stresses three important imperatives in infrastructure, knowledge and innovation. The focus on infrastructure is on both information and physical infrastructure. The concept of 'innovation in science pursuit for inspired research' should make science exciting for youngsters.
In essence, the Budget is a stimulus for social transformation. I congratulate the FM for the judicious way in which he has brought about a fusion of the imperatives of growth, social justice and modernisation of the Indian economy.
Mukesh Ambani is CMD, Reliance Industries.

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