PM says FM has done a commendable job

Prime Minister Manmohan Singh today said Finance Minister Pranab Mukherjee had, in his budget for 2009-10, done a commendable job in reconciling the short-term requirements of the economy to provide a stimulus to the growth process and simultaneously ensuring that country returned to a high growth path despite the recessionary tendencies in the world economy.

"He has therefore chosen a strategy to concentrate on increasing investments in the infrastructure sector, both in the public sector and in the private sector, through the public-private partnership (PPP) route," he told journalists after the budget was presented in the Lok Sabha.

Dr Singh said that Mr Mukherjee had, simultaneously, taken care to ensure that the government spent a lot more money in putting in place social safety nets and in increasing  the investment outlays in rural development, agriculture, healthcare and urban renewal.

"Overall the strategy of the budget is to ensure that our economy recaptures the rhythm of the accelerated growth process. Simultaneously it seeks to honour in large measure, the commitments that we have made to our people to work steadfastly for the well being of the 'aam aadmi' (common man)," Dr Singh said.

In reply to a question, the Prime Minister said the government was working towards the goal of achieving seven per cent growth rate this year.

“Well, we are working towards that goal and it is achievable. Seven per cent growth rate this year is an achievable growth target but it is not good enough for the medium term, we must move to a growth path of 8 to 9%.”

In response to another question, Dr Singh said the increased outlay in the budget for the National Rural Employment Guarantee Scheme was very significant. "It is a measure of our commitment to the well being of the poorer sections of our community," he added.

NNN