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Government urged to present growth-oriented budget

BUDGET 2001

Concerned over a slowdown in economic growth, the apex industry associations on Friday asked the government to present a growth-oriented budget for fiscal 2001-02 for ensuring adequate and affordable finances for the industry.

Commenting on the six per cent growth forecast by pre-budget economic survey, the chambers said the decline in services' and industrial sector growth was a matter of concern.

While stating that the Indian economy was growing faster than many other economies, the president of Federation of Indian Chambers of Commerce and Industry (Ficci) Chirayu R Amin said decline in growth from 6.4 per cent in 1999-2000 to six per cent now had underscored the need for an array of measures to push up the overall growth rate.

"The country is in a singularly fortunate situation to initiate some bold measures for hastening growth and development," Amin noted while adding the exports were surging and forex reserves were at a historic high.

Arun Bharat Ram, president of Confederation of Indian Industry (CII) was particularly concerned over the second consecutive negative growth year for agriculture and industrial production slowdown to 5.7 per cent in April-December 2000.

He enumerated stepping up savings rate, attracting Foreign Direct Investment (FDI) in physical infrastructure and privatisation as a means to generate additional revenues as the key measures to revive the economy.

PTI

Economic Survey 2000-2001
Budget 2001
Money

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