Measures to cushion the impact of global meltdown on the Indian economy are expected
External Affairs Minister Pranab Mukherjee began presenting the interim budget for the next fiscal amid expectations that measures will be announced to cushion the impact of global meltdown on the Indian economy, and help revive consumer demand.
Following are the highlights:
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* India remains second-fastest growing economy in the world
* Economy expected to grow 7.1 percent this fiscal
* Government spent Rs.70,000 crore (Rs.700 billion) on 37 infrastructure projects in 2008-09
* Under public-private partnership (PPP), 54 central infrastructure projects approved
* Total expenditure of PPP projects estimated at Rs.67,700 crore (Rs.677 billion)
* India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March
* India has weathered inflation criris, but no room for complacency
* Country's agriculture outlook is encouraging
* Record foreign direct investment of $32.4 billion attracted
* Extraordinary situation merits extraordinary measures
* Need to consider additional fiscal measures in regular budget
* In past three years, India grew by average of over 9 percent
* Per capita income expanded by 4.7 percent per annum
* Fiscal deficit was brought down from 4.5 percent to 2.7 percent
* Revenue deficit was cut from 3.6 percent to 1.1 percent
* Exports increased 26.4 percent per annum
* Foreign trade increased from 27.3 percent to 35.5 percent
* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent
* Agriculture grew by 3.7 percent per annum
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