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13403
Tue, 07/22/2008 - 20:12
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http://m.oananews.org//node/13403
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FM says economy will grow at 7-8 pc in FY'09
New Delhi, July 22 (PTI) Finance Minister P. Chidambaram Tuesday termed the current fiscal as a "difficult year" forthe economy, yet the growth rate would be around 7-8 percent.
"This government will ensure that economy will grow at 7-8 percent compared to an average growth of 5-6 percent when N.D.A. was in power," Chidambaram said during the debateon the vote of confidence motion in Lok Sabha.
It has been a resounding start for the eleventh five yearplan, he added.
Indian economy witnessed a growth of 9.1 percent in2007-08.
On the debt waiver scheme announced in this year's Budget, the Finance Minister said a debt waiver of Rs 50,254crore has been given to small and marginal farmers.
In addition to this, the government also gave debt relief of Rs 16,223 crore, taking the total amount to Rs 66,477crore.
The scheme has benefited a total of 3.64 crore, including2.98 small and marginal farmers, he said.
Speaking about farm credit growth, he said this year itwould cross the target of Rs 2,80,000 crore as against Rs.
2,50,000 crore last year.
"We have addressed the need of farmers in a systematicway," he added.
Chidambaram said that last fiscal was a watershed year for agriculture when food grain production touched a record of230.7 million tonnes.
During the 2007-08, rice production was at record 96.43 million tonnes, wheat at 78.4 mt, coarse cereals at 40.7 mt, pulses at 15.1 mt, oil seeds at 28.82 mt and cotton at 21.81million bails.
Chidambaram said, various steps taken by the government have resulted in increase of capital formation in agriculturefrom 10.2 percent in 2003-04 to 12.5 percent in 2006-07.
Outlining the policy measures taken by the U.P.A.
government to give boost to agriculture, he said the government implemented National Horticulture Mission, undertook repair and restoration of the water bodies and also appointed Vaidyanathan Committee report for revivingcooperative credit institutions.
Besides, National Food Security Mission and Rashtriya Krishi Vikas Yojana and Mission for Pulses focus onincreasing the farm production.
On NREG scheme, he said, it is this government whichimplemented this scheme in the 597 rural districts of India.
"This government will ensure that economy will grow at 7-8 percent compared to an average growth of 5-6 percent when N.D.A. was in power," Chidambaram said during the debateon the vote of confidence motion in Lok Sabha.
It has been a resounding start for the eleventh five yearplan, he added.
Indian economy witnessed a growth of 9.1 percent in2007-08.
On the debt waiver scheme announced in this year's Budget, the Finance Minister said a debt waiver of Rs 50,254crore has been given to small and marginal farmers.
In addition to this, the government also gave debt relief of Rs 16,223 crore, taking the total amount to Rs 66,477crore.
The scheme has benefited a total of 3.64 crore, including2.98 small and marginal farmers, he said.
Speaking about farm credit growth, he said this year itwould cross the target of Rs 2,80,000 crore as against Rs.
2,50,000 crore last year.
"We have addressed the need of farmers in a systematicway," he added.
Chidambaram said that last fiscal was a watershed year for agriculture when food grain production touched a record of230.7 million tonnes.
During the 2007-08, rice production was at record 96.43 million tonnes, wheat at 78.4 mt, coarse cereals at 40.7 mt, pulses at 15.1 mt, oil seeds at 28.82 mt and cotton at 21.81million bails.
Chidambaram said, various steps taken by the government have resulted in increase of capital formation in agriculturefrom 10.2 percent in 2003-04 to 12.5 percent in 2006-07.
Outlining the policy measures taken by the U.P.A.
government to give boost to agriculture, he said the government implemented National Horticulture Mission, undertook repair and restoration of the water bodies and also appointed Vaidyanathan Committee report for revivingcooperative credit institutions.
Besides, National Food Security Mission and Rashtriya Krishi Vikas Yojana and Mission for Pulses focus onincreasing the farm production.
On NREG scheme, he said, it is this government whichimplemented this scheme in the 597 rural districts of India.
