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English Release 28-February 2015
Date Month Year
  • Prime Minister's Office
  • Text of PM’s reaction on Union General Budget 2015 to DD News
  • PM accepts resignation of Dr. R.K. Pachauri from PM's Council on Climate Change
  • PM welcomes Union Budget; terms it positive and pragmatic
  • PM remembers the dedication, determination and untiring efforts of our scientists on National Science Day
  • Department of Atomic Energy
  • Physics Utsav-2015 at Bhabha Atomic Research Centre inaugurated by Dr. Sekhar Basu, Director, BARC
  • Min of Defence
  • Admiral RK Dhowan, Chief of the Naval Staff pays Homage to Valiant Armed Forces Personnel at Noida Shaheed Smarak
  • Ministry of Finance
  • Budget 2015-16 Marks the Beginning of Co-Operative Federalism and Empowerment of the States.
  • Self Employment and Talent Utilisation (SETU) to be Established
  • ATAL Innovation Mission (AIM) to be Set up
  • Corporate Tax to be Reduced and GST to be Implemented
  • National Investment and Infrastructure Fund to be Set up
  • Five New Ultra-Mega Power Projects to be Set Up

    Second Unit of Kudankulam Nuclear Power Station Will be Commissioned in 2015-16

  • Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley
  • Arun Jaitley Says Development Should be as Green as Possible
  • Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley
  • Education Sector Allocated Rs. 68968 Cr while Rural Development gets Rs 79526 Cr in the Year 2015-16
  • Task Force to Establish a Sector Neutral Financial Redressal Agency to be Set Up
  • Public Debt Management Agency (PDMA) to be Set Up
  • Government to Launch A National Skills Mission Soon Aiims to be Launched in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in 2015-16
  • Forwards Markets Commission to be Merged with Sebi
  • 8 Centrally Sponsored Schemes Delinked from Support of the Centre
  • No Change in the Rate of Personal Income-Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16
  • A Trade Receivables Discounting System (TReDS) an Electronic Plateform for Financing of Trade Receivables of MSMES
  • Monetising Gold
  • Postal Network Spread Across the Country to be Used for Increasing Access to Formal Financial System
  • Universal Social Security System for all Specially the Poor and the Under-Privileged:
  • Employees Under the Employees Provident Fund(EPF) to be Provided two Options
  • Shri Jaitley Announces Measures to Improve the Ease of Doing Business with
  • Focus to Improve Quality and Effectiveness of Activities Under MGNREGA
  • Benefits to Middle Class Tax Payers in the Budget 2015-16
  • ‘Act East’ Policy of the Government
  • Micro Units Development Refinance Agency (MUDRA) Bank Set up for Small Enterprises in Lending Priority was Given to SC/ST Enterprises
  • Distinction Between Different types of Foreign Investments Done Away to Simplify the Procedure for Indian Companies to Attract Foreign Investment
  • Jaitley’s Budget to Create Jobs through Revival of Growth and Investment with Promotion of Domestic Manufacturing and “Make In India”
  • Paramparagat Krishi Vikas Yojna to be Fully Supported
  • Tax Measures Announced to Promote Swachh Bharat Initiatives and Public Health.
  • Finance Minister Shri Arun Jaitley Outlines Measures to Curb Black Money in Budget 2015-16
  • Effective and Hassle-Free Agriculture Credit with a Special Focus on Small and Marginal Farmers
  • Job Creation Through Revival of Growth and Investment and Promotion of Domestic Manufacturing and ‘Make in India’.
  • Investment In Infrastructure To Go Up By Rs.70,000 Crore In Year 2015-16 Over Year 2014-15
  • Black Money Bill in the Current Session
  • Corporate Tax to be Reduced and GST to be Implemented;
  • Eligible Donations to Swachh Bharat Kosh and Clean Ganga Fund to be 100% Deductible
  • Effective and Optimal Allocation of Natural Resources and Financial Inclusion Among the Priorities of the Government Enunciated in Budget Speech
  • Indirect Tax Proposals to Maximize Benefits to the Economy
  • Min of Health and Family Welfare
  • Budget is Pro-People, Balanced, Growth-Oriented, Inclusive and Progressive: Shri J P Nadd
  • Min of Home Affairs
  • Rajnath Singh congratulates Arun Jaitley
  • Min of Youth Affairs and Sports
  • Sports Minister Sarbanand Sonowal congratulates Indian cricket team

Previous Date

 
Ministry of Finance15-September, 2012 14:51 IST
Extracts from the Intervention of Union Finance Minister Shri P. Chidambaram at the meeting of the full Planning Commission Today

 “I welcome the growth rate target of 8.2% envisaged for the 12th Plan.  The present target is a realistic assumption given that in the 10th Plan we achieved a GDP growth rate of 7.6% and in the 11th Plan the achievement has been 7.9%.”

          “The gross budgetary support during the entire 12th Plan period has been estimated at Rs.35.68 lakh crores which works out to 5.23% of GDP over the 5 year period.  The GBS realized over the 11th Plan period was only 4.69% of GDP.  The assumptions of tax to GDP ratio seem to be highly optimistic. The Internal and Extra Budgetary Resources (IEBR) of the CPSUs has been estimated at Rs.20.59 lakh crores making the total resources available for the Central Plan at Rs.47.70 lakh crores.  Higher IEBR would be required to meet the shortfall, if any, in the GBS.”                                           

          “On the Non-Plan expenditure side, the major subsidies are projected to decline from 1.9% of GDP as per the Budget Estimates for 2012-13 to 1.2% in 2016-17.  The estimated major subsidies in 2012-13 would be around 2.4% of GDP, and a sharp fall as assumed in the Plan may be over-optimistic.  Direct cash transfer of subsidies in food, fertilizers and petroleum will help in this reduction.  I would urge that by the end of the 12th Plan, these three major subsidies be rolled out across the country through direct cash transfers to the beneficiaries.  Pilot projects are already under implementation for LPG and kerosene and it is our intention to extend the direct transfer mechanism to the UTs in the first phase.”

 

          “Analysis shows that out of the 147 Centrally Sponsored Schemes currently in operation, 100 schemes are with an outlay of less than Rs.300 crores each for the whole country.  Given the cost of administering the schemes and the capacity now available within the States, these deserve to be closed at the level of the Central Government.  The allocated funds of Rs.7229 crores in the 2011-12 Budget could be added to the annual Normal Central Assistance of the respective States to enable them to implement these schemes.”

          “We must keep in mind that outcomes must be measured not only in terms of achieving the financial outlays but also achieving the physical targets.  The main reason why actual growth rate in each Plan period was less than the targeted growth rate was the failure to achieve physical targets.  Let me illustrate by taking the targets set and the targets achieved in the 11th Plan period.

 

Sector

XIth Plan

 

Target

Achievement

Roads

48,479 kms.

Completed – 17,571 kms.

Under implementation –

                   13,981 kms.

To be awarded –

                   16,927 kms.

Additional power generation capacity created

78,700 MW

55,000 MW

Coal production (per annum)

680 million tonnes reduced to 630 million tonnes.

540 million tonnes

Crude oil production (per annum)

206.73 million tonnes

177.09 million tonnes

Gas production (per annum)

255.76 billion cubic metres

212.5 billion cubic

metres

Railways capacity creation

21,500 kms reduced to 15,000 kms

14,752 kms

 

I would, therefore, urge that we seriously consider the need to set up a mechanism at the Cabinet level to take final decisions on major investment proposals, especially in the infrastructure sector and, in particular, in the sectors that I have mentioned above.  At present, the Allocation of Business Rules allocates the authority to take the final decision/decisions to one or more ministries.  In fact, this is the reason why a truly “final” decision does not emerge for many years.  I would, therefore, urge that the authority to take the final decision/decisions should be vested in a National Investment Board to be chaired by the Prime Minister and the Allocation of Business Rules should be amended to create such a mechanism.  The National Investment Board’s authority should extend to proposals/projects where the investment is above a certain threshold, say, Rs.1,000 crore.  Once the final decision is taken by the National Investment Board, no other Ministry or Department or Authority should be able to interfere with that decision or delay its implementation.”

                                                         ******

DSM/RS


(Release ID :87796)

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