The Finance Minister Mr. Pranab Mukherjee has said that the economy in next fiscal is expected to grow at the rate of nine percent. Presenting his budget for the year 2011-12 in the Lok Sabha today, Mr. Mukherjee said that the economy of the country has shown resilience to both domestic shocks and external factors. He said that agriculture has rebounded, industry has regained momentum and the fiscal consolidation has improved. He said that while resources will not be a constraint, delivery will be a serious challenge. On corruption he said that the menace has to be fought collectively. He said that the GDP growth is pegged at 8.6 percent, agriculture 5.4 percent, industry 8.1 percent and services 9.6 percent in the current fiscal. Finance Minister Pranab Mukherjee said, inflation continues to remain a concern, but exuded confidence that the RBI's monetary policy will lead to moderation in inflation numbers in the coming months. He, however, said that inflation, specially high food prices, continue to worry and also called for improvement of distribution and marketing systems to bridge the gap between wholesale and retail prices. Regarding food inflation, he said, the total food inflation declined from 20.4 per cent in February, 2010, to less than half, at 9.3 per cent in January, 2011. Mr. Mukherjee also put emphasis on increasing agricultural productivity to curb food inflation. Mr. Pranab Mukherjee said that the government is committed to take the process further and listed some bills to be brought in Parliament. He said that the banking regulation act will be amended. He said that the RBI is expected to issue guidelines for banking licenses. He also announced the government plan to set up a five hundred crore rupees for women self help groups. The Finance Minister also announced that the scheme of 1 percent interest subvention on housing loans will be raised from 10 to 15 lakh rupees where the cost of the house does not exceed more than 25 lakh rupees. The ceiling was 20 lakhs.