Finance Minister P. Chidambaram today presented the Unon Budget 2013-14 to fast track economic growth with due emphasis on infrastructure development, skill development, employment generation and funding for social schemes. Presenting the Union budget for the eight time, Mr. Chidambaram sought support from all quarters to navigate through economic crisis. He expressed confidence that that the country will get back to higher growth path. He said, the immediate challenge is to get back to 8 per cent growth. The finance minister also said, economic space constrains exist due to high fiscal deficit, lower savings and investment and tight monetary policy. He said, the Current Account deficit (CAD) is a greater worry and needs $ 75 billion to finance Current Account deficit, The CAD is high due to high import in Oil, coal and gold imports. The finance minster said, foreign investment is an imperative, including FII, FDI and ECB to finance CAD. He said,
80,194 crore rupees allocation have been made for rural development schemes including MGNAREGA, PMGSY, INDIRA AWAS YOYANA. The Jawahal Nehru National Urban Renewal Mission will to continue during the 12th plan period. 3511 crore allocation to minorities which is 12 per cent hike over budget estimates, 110 crore rupees allotted for welfare of disabled. 65867 crore rupees have been allocated to the Ministry of Human resources development which is 17 per cent hike over the revised estimates.
500 Crore rupees have been earmarked for high tech crop diversification program. Allocations also include 13215 crore rupees for mid day meal programme. 27,049 crore rupees for agricultural minstry and additional 200 crore to women and child Welfare Ministry. Mr. Chidambaram said, the UPA government believes in inclusive development. The Budget speech was continuing when reports last came in.