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English Release 17-September 2014
Date Month Year
  • Prime Minister's Office
  • Chinese President and First Lady visit Sabarmati Riverfront, accompanied by the PM
  • PM and Chinese President visit Sabarmati Ashram.
  • PM and Chinese President Xi Jinping witness signing of 3 MoUs in Ahmedabad
  • PM launches Swavlamban Abhiyaan - new pro-poor initiatives of the Gujarat Government
  • Min of Agriculture
  • Finance to 5 Lakh Joint Farming Groups of “Bhoomi Heen Kisan” through Nabard in the Current Financial Year
  • Min of Commerce & Industry
  • Deputy USTR Meets Commerce Secretary
  • India to be Partner Country in Hannover Messe Fair During April 2015
  • Gilead Briefs Nirmala Sitharaman about their Licensing Agreements with Seven India-Based Generic Pharmaceutical Manufacturers
  • Min of Defence
  • Operation Megh Rahat : 17 sep 14 Restoration of connectivity
  • Opening Ceremony : Exercise Yudh Abhyas 2014
  • Ministry of Finance
  • Bank of Maharashtra Celebrates its 80th Foundation Day; Crosses the Business Level of Rs 2 Lakh Crores
  • CMD, IFCI Ltd. Presents A Dividend Cheque of Rs. 92.30 Crore to the Union Finance Minister
  • Min of Health and Family Welfare
  • Medical Relief Operation Stepped up in J&K
  • Min of Home Affairs
  • A delegation of Unified Naga Council calls on the Union Home Minister
  • Union Minister for Surface Transport & Highways and Shipping Calls on Union Home Minister
  • Uttarakhand Minister calls on Union Home Minister
  • Union Home Minister to attend Sixth Meeting of SAARC Ministers of Interior / Home at Kathmandu
  • Min of Labour & Employment
  • Shri Narendra Singh Tomar presents Vishwakarma and Safety Awards
  • Min of Micro,Small & Medium Enterprises
  • Govt Lobbying Hard for Base Rate Interest Regime for MSME : Kalraj Mishra
  • Min of Minority Affairs
  • Dr.Najma Heptulla Announces Rs.120 Crore Relief and Rehabilitation Package for J&K Flood Victims
  • Min of Petroleum & Natural Gas
  • Ministry of Petroleum & Natural Gas takes several measures to ensure availability of essential petroleum products in the aftermath of floods in the state of Jammu and Kashmir.
  • Daily Crude oil price of Indian Basket was US$ 95.92/bbl on 16.09.2014
  • Ministry of Railways
  • Commodity-Wise Freight Revenue Earnings of Railways Goes Up by 16.70 Per Cent in August 2014 & 10.67 Per Cent During April-August 2014
  • Min of Textiles
  • Textiles Minister Honours 54 Women Achievers in Sericulture
  • Min of Women and Child Development
  • Press Note of Union Ministry of Women & Child Development

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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