February 26, 2010 11:33 AM

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Finance Minister presents Union Budget in Parliament

The Government today said that the rising food inflation is a cause of concern and a series of measures taken by the government are likely to bring down inflation in two months time. Presenting the General Budget for 2010-11 in the Lok Sabha today, the Finance Minister, Mr Pranab Mukherjee said that a four-prong strategy is proposed for boosting agriculture production and food security in the country. These include extension of green revolution in eastern parts of the country with an allocation of 400 crore rupees. Another 300 crore rupees earmarked for a 60 per cent increase in the area for cultivation of pulses and oilseeds. A target of providing credit to the farmers by the banks has been set at 3,75,000 crore rupees against 3,25,000 crore in the last fiscal. Mr Mukherjee also announced the extension of re-payment of debts by farmers for another six months. Interest subsidy to the farmers for timely payment has been increased from one per cent to two per cent. To ensure faster growth trajectory, the Finance Minister announced an amount of 1,73,552 crore rupees, which is 46 per cent of the total plan allocation.In a bid to boost housing sector, Mr Mukherjee announced that the existing scheme of one per cent less interest for loan upto ten lakh rupees will continue for next fiscal. However, the cost of the house has to be within 20 lakh rupees. He said 700 crore rupees have been provided for the purpose.

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