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English Release 21-October 2014
Date Month Year
  • President's Secretariat
  • Envoys of five nations present credentials to President of India
  • Vice President's Secretariat
  • Vice President Greets People on Deepawali
  • Prime Minister's Office
  • PM’s Telephone Conversation with Prime Minister of Malaysia
  • PM to be in Srinagar on Diwali, 23rd October; will spend the day with flood-affected people
  • PM salutes the bravery of our policemen on Police Commemoration Day
  • PM greets the nation on Dhanteras
  • Election Commission
  • South Asian Election Commissioners Impressed by Counting Technology and Prompt Results Sharing of Experiences at South Asian Workshop
  • Min of Agriculture
  • National Seeds Corporation Hands Over Dividend Cheque to Union Agriculture Minister
  • Radha Mohan Singh emphasizes the need to increase Productivity of Milch Cattle
  • Min of Comm. & Information Technology
  • Indian Deegation to the ITU Conference Lead by Communications and Information Technology Minister Shri Ravi Shankar Prasad called for Democratisation of Global Affairs of Telecommunications and Internet Governance
  • Min of Corporate Affairs
  • Merger of National Spot Exchange Limited
  • Google Case
  • Min of Culture
  • Union Minister of State for Culture and Tourism, Shri Shripad Naik launches the National Portal for Museums
  • Ministry of Finance
  • Project Report on “DRISHTI” Submitted to Finance Minister
  • Min of Food Processing Industries
  • Minister of Food Processing Industries Reiterates the Need to Strengthen further Indo-French Cooperation in Agro-processing Sector.
  • Min of Health and Family Welfare
  • Dr Harsh Vardhan spells out Ebola action plan
  • Min of Mines
  • Mineral Production During August 2014
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Production Performance of Oil & Natural Gas Sector for the month of September, 2014
  • Global crude oil price of Indian Basket was US$ 84.12 per bbl on 20.10.2014
  • Min of Road Transport & Highways
  • Electronic Toll Collection: A Uniform Standard of Service to Commuters
  • Min of Science & Technology
  • Dr. Jitendra Singh announces hike in fellowship amount to Research Scientists
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • India Won 2 Gold, 1silver & 3 Bronze at 2nd Asian Para Games 2014 on 20th October, 2014
  • Min of Steel
  • Ministry of Steel to set up “Steel Research & Technology Mission of India”

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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