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The Prime Minister, Dr. Manmohan Singh has said that the Budget 2005-06 aims to simultaneously improve the climate of growth and 'to ensure that the fruits of growth are re-channelled to the common man'. In an interview to Doordarshan, the Prime Minister commented on Budget 2005-2006 presented in the Parliament today.
Following is the full text of the Question-Answer session:
Question - What would you like to describe as the focus of this Budget which is the first full year's Budget that the UPA Government has presented?
PM - The focus of this Budget is to honour the commitment that we made to the people as part of the Common Minimum Programme and to do so while sustaining the momentum for the growth of output and employment, this Budget makes massive allocation for widely socially necessary areas like education, health, Mid-day meal programme, sanitation, drinking water, rural roads. It will provide the necessary momentum to sustain the growth process. The tax reforms are designed to provide relief to the common man and at the same time, to ensure that the growth momentum in the corporate sector is not adversely affected.
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Question - This is of course a message for the country but what do you think is the theme of this Budget? How would you describe the key focus of the Budget?
PM - The theme of the Budget is that we must advance simultaneously in improving the climate of growth and also to ensure that the fruits of growth re-channelled to the common man. And, therefore, to sustain the growth momentum there is emphasis on increasing savings, on increasing investment, on simplification of the tax system and ensuring that the Indian industry is prepared to face the challenge of increased competition in the years to come and simultaneously to ensure that health, education, rural infrastructure, rural development and other essential areas received adequate attention by way of allocations.
Question - Sir, you are someone associated with policy making in this country ever since the days of Mrs. Indira Gandhi and do you think that the Employment Guarantee Scheme which she initially launched in the 1970s will achieve any measure of success and what are your expectations from the new Employment Guarantee Scheme of your Government?
PM - As of now, we are implementing the food-for-work programme. It is our intention to convert the food-for-work programme into an Employment Guarantee Act which we will expand over a period of time to cover all rural areas. I do believe that in a country like ours a programme like this will set a flow of rural income. Therefore, it will be a very important social safety measure so that processes of growth will not hurt those who are in the lower strata of social ladder.
Question - Do you think that this Budget is going to provide a spurt to investment especially in infrastructure sector when you yourself has said that we would require about 155 billion dollars in the next five to ten years.
PM - Well, the Budget makes a new beginning. It talks of a Special Purpose Vehicle which will provide impetus to public-private partnership, in expanding our infrastructure. If this programme succeeds, I think we can, in the years to come, modernize and expand India's infrastructure of roads, ports, airports, tourism and in everything.
Question - On black money, Mr. Chidambaram has made some statements and there seem to have been some instant opposition by Members of Parliament.. How would you react to that?
PM - Well, I think that's a very mild tax. To say if you withdraw more than Rs. 10,000 on a day from the banking system, you will pay a tax of 0.01 per cent which means on a withdrawal of Rs.10,000, you will pay a tax of Rs.10. I think it is a tax which is not is going to impose unnecessary burden on any common man.
Question - As far as the Bharat Nirman proposal is concerned, which has been talked about in the President's address, it aims at improving rural infrastructure. How do you plan to involve States because without their involvement you are not going to achieve anything?
PM - India lives in States. It goes without saying that in our federal system there has to be close cooperation between Centre and the States. Now, we have both incentives we can also penalize those who do not fall in line, but our efforts will be to work with States to give concrete shape to this vast programme of Bharat Nirman, which covers some of the most important things, which are needed to make rural life liveable. We are, for example, saying that we will provide one crore additional hectares for irrigation. Now, if this is done, India's agriculture will be transformed beyond recognition. We are going to lay lot more emphasis on rural connectivity, telecom services. We are going to lay emphasis on rural electrification, sanitation, we are going to lay emphasis on all these elements which make such a difference to the quality of living of ordinary men and women in our country.
Question - Last of all, Sir, I must ask you, as a former Finance Minister, how do you rate Mr. Chidambaram's budget on a scale of 1 to 10 in terms of achieving growth along with attaining fiscal responsibility?
PM - Well, Mr. Chidambaram has done an outstanding job. He deserves all credit, he has worked very hard and he has produced a Budget which measures up to the challenges of our time.
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