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FM calls for a second Green Revolution: The Indian Express
`India is shining: GDP figures would substantiate that; government to lay stress on agriculture in Budget` New Delhi, Dec 06: Finance Minister Jaswant Singh indicated on Friday that the Budget for the year 2004-05 would lay stress on the agriculture sector in the overall efforts for putting reforms and growth on a faster trajectory.
'India is shining: GDP figures would substantiate that; government to lay stress on agriculture in Budget'
New Delhi, Dec 06: Finance Minister Jaswant Singh indicated on Friday that the Budget for the year 2004-05 would lay stress on the agriculture sector in the overall efforts for putting reforms and growth on a faster trajectory.
Talking to reporters after the inauguration of a new portal ‘Indiashining.com’, Singh said, “we need a second Green Revolution. It must have diversification of agriculture, development of wasteland, capital expenditure, growth and expansion of irrigation and value-addition in agriculture produce.” The government has already done a lot for sugar, cotton and plantation, Singh said while adding that “we need to move in that direction in areas like horticulture and floriculture.”
Singh said there would be no dearth of funds for public investment in agriculture. “There is enough funds available with us or how could we provide Rs 60,000 crore for infrastructure this year. Money would not come in the way of development,” Singh said.
Setting at rest speculations of an vote-on-account next year, Singh said that the government would present a “full Budget”, as Prime Minister Atal Behari Vajpayee has made it clear that there would be no early Lok Sabha elections. “There would be no vote-on-account (interim budget). As Prime Minister has said that the general election would be held as per schedule (in October 2004), so there would be a full Budget,” Singh said.
Without getting into figures, Singh said the GDP growth would be much higher this fiscal. “I do assert that India is shining. Don’t get into numbers of GDP. It cannot be that with feel-good factor prevailing, India is not shining. The GDP figures would continue to make you feel good,” he said. After a dismal 4.3 per cent GDP growth last fiscal due to severe drought, the Indian economy has started looking up with good monsoons this year with growth pegged at over 7.0 per cent by various government and independent research agencies. Singh also stated that the shortfall in disinvestment would be met through other means. Singh earlier had said that the other priorities of the Centre would be to reduce fiscal deficit and debt burden of States. He had indicated that labour reforms and privatisation programme would continue to be other priority areas of the government.
Allaying fears of price rise with inflation crossing 5.2 per cent, Singh said that it was not a matter of worry as the average level would remain “benign”. “Inflation is not that high so as to get unduly worried. As it has been stated in the mid year review and RBI’s credit policy, inflation is only going to be benign but lower,” Singh said. Dismissing allegations that his ministry sat over the Rs 30,000 crore fake stamp paper scam for over a year, Singh and said that the government plans to introduce a paperless system by 6-8 weeks. The government would announce within 6-8 weeks a new system where stamp papers would be in demat form, similar to the demat of shares in capital market, the Finance Minister added while stating that “it (demat system) would be a safe, secure and easy to transact.”
Talking to reporters after the inauguration of a new portal ‘Indiashining.com’, Singh said, “we need a second Green Revolution. It must have diversification of agriculture, development of wasteland, capital expenditure, growth and expansion of irrigation and value-addition in agriculture produce.” The government has already done a lot for sugar, cotton and plantation, Singh said while adding that “we need to move in that direction in areas like horticulture and floriculture.”
Singh said there would be no dearth of funds for public investment in agriculture. “There is enough funds available with us or how could we provide Rs 60,000 crore for infrastructure this year. Money would not come in the way of development,” Singh said.
Setting at rest speculations of an vote-on-account next year, Singh said that the government would present a “full Budget”, as Prime Minister Atal Behari Vajpayee has made it clear that there would be no early Lok Sabha elections. “There would be no vote-on-account (interim budget). As Prime Minister has said that the general election would be held as per schedule (in October 2004), so there would be a full Budget,” Singh said.
Without getting into figures, Singh said the GDP growth would be much higher this fiscal. “I do assert that India is shining. Don’t get into numbers of GDP. It cannot be that with feel-good factor prevailing, India is not shining. The GDP figures would continue to make you feel good,” he said. After a dismal 4.3 per cent GDP growth last fiscal due to severe drought, the Indian economy has started looking up with good monsoons this year with growth pegged at over 7.0 per cent by various government and independent research agencies. Singh also stated that the shortfall in disinvestment would be met through other means. Singh earlier had said that the other priorities of the Centre would be to reduce fiscal deficit and debt burden of States. He had indicated that labour reforms and privatisation programme would continue to be other priority areas of the government.
Allaying fears of price rise with inflation crossing 5.2 per cent, Singh said that it was not a matter of worry as the average level would remain “benign”. “Inflation is not that high so as to get unduly worried. As it has been stated in the mid year review and RBI’s credit policy, inflation is only going to be benign but lower,” Singh said. Dismissing allegations that his ministry sat over the Rs 30,000 crore fake stamp paper scam for over a year, Singh and said that the government plans to introduce a paperless system by 6-8 weeks. The government would announce within 6-8 weeks a new system where stamp papers would be in demat form, similar to the demat of shares in capital market, the Finance Minister added while stating that “it (demat system) would be a safe, secure and easy to transact.”