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Planning Commission seeks 18 per cent hike in GBS
New Delhi, Nov 07: Confronted with the challenging task of doubling per capita income and accelerating GDP growth to 8 per cent per annum, Planning Commission is understood to have sought a whopping 18 per cent increase in gross budgetary support for the 2003-04 annual plan.
New Delhi, Nov 07: Confronted with the challenging task of doubling per capita income and accelerating GDP growth to 8 per cent per annum, Planning Commission is understood to have sought a whopping 18 per cent increase in gross budgetary support for the 2003-04 annual plan.
Urging for a quick approval of Rs 1,34,064 crore of Gross Budgetary Support (GBS) as against the level of Rs 1,13,600 crore for the current (2002-03) annual plan, the commission said any shortfall in the GBS would affect public investment.
Deputy Chairman of Planning Commission, K C Pant, in a letter to Finance Minister Jaswant Singh is understood to have asked the latter to approve the hike by the first week of December as the budgetary support to the plan has to be communicated to both the central ministries/departments and the state governments.
Stating that the process of recovery of the economy from a prolonged slowdown hinged upon a sustained increase in public investments, Pant said any shortfall could affect investments in the key infrastructural sectors like power, roads and irrigation. Pant is understood to have cautioned Singh of a setback in the process of recovery and difficulty in accelerating growth in case the hike is not approved.
Bureau Report
Urging for a quick approval of Rs 1,34,064 crore of Gross Budgetary Support (GBS) as against the level of Rs 1,13,600 crore for the current (2002-03) annual plan, the commission said any shortfall in the GBS would affect public investment.
Deputy Chairman of Planning Commission, K C Pant, in a letter to Finance Minister Jaswant Singh is understood to have asked the latter to approve the hike by the first week of December as the budgetary support to the plan has to be communicated to both the central ministries/departments and the state governments.
Stating that the process of recovery of the economy from a prolonged slowdown hinged upon a sustained increase in public investments, Pant said any shortfall could affect investments in the key infrastructural sectors like power, roads and irrigation. Pant is understood to have cautioned Singh of a setback in the process of recovery and difficulty in accelerating growth in case the hike is not approved.
Bureau Report