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Power learns to mind the gap  

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Thank the finance minister if you suffer fewer power cuts next summer. The budget has given a boost of Rs 2,080 crore, a 160% rise from the previous fiscal, for the Accelerated Power Development and Reforms Programme (APDRP) to reduce the gap between power demand and supply.

The Rs 50,000 crore APDRP, aims to bring the Aggregate Technical and Commercial (AT&C) losses to less than 15% from 35% at present. The government had approved APDRP in March 2003 to accelerate distribution reforms. Besides reducing AT&C losses, the scheme also intends to bring commercial viability in the power sector by reducing outages and interruptions. The scheme, which was restructured last year, would also focus on establishing baseline data of AT&C and sanctioning projects to improve the distribution network Under the scheme, the government provides 50% central assistance to upgrade sub-transmission and distribution network.

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The Finance Minister outlines the focus areas for 2009-10  

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The Minister of Finance Shri Pranab Mukherjee has outlined the focus areas to anchor its policy frame work for 2009-10. While presenting the Budget proposal for the year 2009-10, in Lok Sabha today, he pointed out that the policies in a medium term perspective would have to pay attention to :- 

(a) sustain a growth rate of at least 9 percent per annum over an extended period of time; 
(b) strengthen the mechanisms for inclusive growth for creating about 12 million new work opportunities per year; 
(c) reduce the proportion of people living below poverty line to less than half from current levels by 2014; 
(d) ensure that Indian agriculture continues to grow at an annual rate of 4 per cent; 
(e) increase the investment in infrastructure to more than 9 per cent of GDP by 2014; 
(f) support Indian industry to met the challenge of global competition and sustain the growth momentum in exports; 
(g) strengthen and improve the economic regulatory frame work in the country; 
(h) expand the range and reach of social safety nets by providing direct assistance to vulnerable sections; 
(i) strengthen the delivery mechanism for primary health care facilities with a view to improve the preventive and curative health care in the country. 
(j) create a competitive progressive and well regulated education system of global standards that meets the aspiration of all segments of the society; and 
(k) move towards providing energy security by pursuing an Integrated Energy Policy. 

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Rs. 1,86,000 Crore worth fiscal stimulus to counter global slow down.  

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The Minister of Finance Shri Pranab Mukherjee while pressing the budget 2009-10 in Lok Sabha today has said that the Government has taken several measures to counter the negative fall -out of the global slow down on the Indian Economy. Firstly the Government responded by providing three focused fiscal stimulus packages in the form of tax relief to boost demand and increased expenditure on public projects to create employment and public assets. Secondly, the RBI took a number of monetary easing and liquidity enhancing measures to facilitate flow of funds from the financial system to meet the needs of productive sectors. 

The Minister said that this fiscal accommodation led to an increase in fiscal deficit from 2.7 per cent in 2007-08 to 6.2 per cent of GDP in 2008-09. The difference between the actual of 2007-08 and 2008-09 constituted the total fiscal stimulus. This fiscal stimulus at 3.5% of GDP at current market prices for 2008-09 amounts to Rs. 1,86,000 crore. 

The Mukherjee pointed out that these measures were effective in arresting the fall in growth rate of GDP in 2008-09 and we achieved a growth of 6.7 per cent. He said that the efforts would be continued to provide further stimulus to the economy. 

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