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English Release 31-October 2014
Date Month Year
  • President's Secretariat
  • Education will be the single biggest transformative factor in catapulting India into the league of developed nations, says President
  • President of India congratulates Pankaj Advani on achieving 12th world title in Leeds
  • President pays floral tributes to Sardar Vallabhbhai Patel
  • Prime Minister's Office
  • Text of PM’s address at 'Run For Unity' at Rajpath on the occasion of Rashtriya Ekta Diwas
  • PM receives personal belongings of Sardar Patel, on his 139th birth anniversary
  • Sidelights – Run For Unity Event at Rajpath, New Delhi
  • PM flags off, joins Run For Unity on Sardar Patel Jayanti
  • PM remembers Smt. Indira Gandhi on her Punya Tithi
  • PM pays tributes to Sardar Patel on his birth anniversary
  • Min of Agriculture
  • Kharif Rice Area Coverage
  • Min of Commerce & Industry
  • Index of Eight Core Industries (Base: 2004-05=100), September, 2014
  • Department of Commerce calls for creative participation for India’s participation at Hannover Messe
  • Min of Defence
  • Minor Incident Involving Naval Ship
  • Indian Warships Visit to Port Louis
  • Ministry of Finance
  • Auction for Sale (Re-Issue ) of ‘8.60 per cent Government Stock, 2028’
  • Auction for Sale (Re-Issue) of ‘8.27 per cent Government Stock, 2020’
  • Subash Chandra Garg Relieved to take up His New Assignment As Executive Director, World Bank, Washington D.C.
  • Rajiv Mehrishi takes over as Secretry, Department of Economic Affairs, Ministry of Finance
  • Min of Health and Family Welfare
  • MoU with Spain on organ transplantation soon
  • Min of Home Affairs
  • Text of Home Minister's speech at NPA, Hyderabad
  • Cyber Crime Prevention Strategy will be Strengthened: Home Minister Shri Rajnath Singh
  • Home Secretary Administers Rashtriya Ekta Diwas Pledge
  • “Police Stations should become Temples of Justice,” says Rajnath Singh
  • Min of Human Resource Development
  • 2nd Meeting of SAARC Education Ministers Held
  • Min of Parliamentary Affairs
  • Standing Committee on Railways invites suggestions on Railways(Amendment) Bill, 2014
  • Min of Personnel, Public Grievances & Pensions
  • Central Armed Police Forces (Assistant Commandants) Examination, 2014 Declaration of Result of Written Part
  • Min of Petroleum & Natural Gas
  • Constitution of Steering Committee for successful implementation of “Make in India” campaign in the Oil and Gas Industry.
  • Global crude oil price of Indian Basket was US$ 84.77 per bbl on 30.10.2014
  • Ministry of Railways
  • Railway Protection Force hosting 15th All Indian Police Band Competition
  • Min of Road Transport & Highways
  • Institute of Driving Training & Research to be inaugurated tomorrow at Pune
  • Electronic Toll Collection System makes Delhi-Mumbai Drive Faster and Cheaper
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on October 30, 2014
  • Min of Women and Child Development
  • SRB to be raised by 10 basis points every year

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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