news details |
|
|
| Second Economic Survey presents better picture | | | Early Times Reporter
Jammu | Jan 15
A day before the presentation of the last budget of the coalition government, the Finance Minister Tariq Hamid Karra today presented the second economic survey in the legislative assembly.
At the national level since 1958 there is a precedence of present economic survey a day before the budget but Jammu and Kashmir had its first economic survey presented only last year. The Finance Minister also presented in the House action taken report on his budget speech of the current year.
Relating to the economic performance of the objective of the survey is to review and assess the emerging economic trends and keeping these in view while formulating budgetary and economic policies for the next year.
Stating the objectives and efficacy of the survey, Mr. Karra enumerated the key factors having bearing on the fiscal physical policy for the next year. These include a high and stable rate of economic growth in the state, a large sized 11th five year plan of Rs. 25,834 crore, an exceptionally good "own revenue growth in the state", a high degree of inelasticity of expenditure and an increasing but low credit deployment in the state.
"All these five factors, collectively point, to the need, for having an expansionary fiscal policy, as the productive capacity of the economy is still not being fully exploited. We can sustain a high public spending till such time there is buoyancy in revenues and composition of spending is in infrastructure", he said.
Karra added, "main areas of concern for us are unemployment, a reducing, but still high power deficit, a low rte of investment in agriculture, an increasing pensions bill and the impending pay and finance commission awards. More than the fiscal deficit, what concerns us all is the huge infrastructural deficit as well as a serious skill deficit".
"We made a landmark beginning last year by presenting in the House the Economic Survey for the first time in the state's history. It seems to have been received well. Suggestions for improving the data content an subject coverage, of future additions of the Economic Survey will be more than welcome", he added.
told "it goes to the credit of the coalition government that a beginning has been made to bring the facts and figures before the public for scrutiny. By taking the initiative of tabling the Economic Surveys in the House, we have opened up the performance for our economy to the public and today even a common man in the street can know how we are doing in different sectors". |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
