Growth-oriented budget

COMMENT: AL Kapur, MD, Ambuja Cements

The Finance Minister is to be complimented for presenting a growth-oriented budget, which is not only pragmatic, but recognizes the need to provide the required impetus to the GDP growth, which was lower at 6.7 per cent in 2008-09 and is estimated at 7 per cent in current year. The intention to sustain 9 per cent GDP growth in future is highly welcome. The fact that the Finance Minister wishes to push up investments in infrastructure to 9 per cent of GDP by 2014 is very gratifying and would really accelerate the whole process of economic growth.

The steps needed to implement the above objectives have also been clearly elucidated by the Finance Minister in his budget speech. The budget aims to achieve inclusive growth for the people across the country by substantial allocation of resources to many development schemes, which are already under implementation. This would tend to improve the living standard of the people and provide adequate purchasing power to the common people so as to trigger forces of demand in the economy.