Its budget time in India and things are not all that rosy on the Rural Agricultural front.
According to a BBC report, the government's annual economic survey said India's economy had "decidedly taken off and moved from a phase of moderate growth to a new phase of high growth". However, the report raised concerns over the agricultural sector, which is forecast to grow by 2.7% in the current financial year, down from 6% a year earlier.
Analysts said weaker growth in agriculture, from which two-thirds of Indians make a living, would be high on the minds of ministers ahead of regional assembly elections in the key state of Uttar Pradesh.
"In any political economy, the finance minister has to respond to political circumstances," said TK Bhaumik, chief economist at Indian business giant Reliance Industries.
"Given the elections, the budget this time will be more focussed on traditional India rather than modern India."
http://news.bbc.co.uk/2/hi/business/6402431.stm
Its about time that someone paid attention to the needs of "traditional" India!!
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One year down the line
Mon 03/03/08 by futurestudentWhen is the most popular statment of our country not open to criticism? One year has gone by. In the budget 2008 the FM has addressed the needs of the rural India by granting 60000crore loan waiver but at a cost of excess liability which is OFF Balance Sheet. If total sops including oil bonds, and the recommendations of the 6th pay commission taken into account then the fiscal deficit would rise to 3.5% instead of the proposed 2.5% of the GDP. The FM's job was never easy. Even if he stays true to the spirit of the budget he cannot please all the stakeholders. The budget will always be biased for the Indian citizen and on a lighter note the only people happy with it would be the media (newspapers and television) who would have another issue to talk about on and on and on and on and on and so on.