Budget to target aam aadmi but with constraints: Pranab

FM Pranab Mukherjee indicated that though the thrust of the Budget to be presented by him on July 6 would be the aam aadmi,in accordance with the poll promises made by Congress.

Finance Minister Pranab Mukherjee on Monday indicated that though the thrust of the Budget to be presented by him in the Lok Sabha on July 6 would be the aam aadmi,in accordance with the poll promises made by the Congress,it might not be possible to address all the issues right now due to the ongoing economic recession. Mukherjee hinted at this at a closed-door meeting along with senior party leaders at the AICC headquarters to solicit their views for the General Budget 2009-10.

AICC general secretaries,CWC members and other senior leaders of the party impressed upon the Finance Minister the need to take the aam aadmi agenda of the party forward and placed suggestions like extending loan to farmers at three per cent interest and interest-free loans for higher studies. Senior Congress leaders stressed the fact that farmers and the youth won the election for the party and so,the Budget should address their issues.

Mukherjee,according to sources,underlined the constraints before the Government due to the global economic recession in implementing all the promises. In the past,we were looking upwards,but now we are looking downward, he is said to have remarked,referring to the economic recession,according to sources.

He,however,sought to assure the Congress leaders that the promises made by the party would be addressed in a phased manner,as the mandate was for a stable five-year government. It may not be possible to address all the issues this year,but it will be taken up in the years to come, Mukherjee is learnt to have declared. He also underlined that his approach in preparing the Budget would be pragmatic and that he would not be driven by any particular theory.

Almost all Congress leaders suggested that the aam aadmi agenda should be followed more vigorously in the Budget. Senior Congress leader Satyavrat Chaturvedi is learnt to have underlined the need for cheaper loans to farmers,pointing out that the farm loan waiver played a major role in the party’s victory. Sources said he suggested that loans to farmers could be given at an interest rate of three per cent through the NABARD by eliminating the intermediaries that lead to farmers receiving loans at a high rate of 12 per cent. It can be achieved without any burden on the exchequer. The NABARD gives loans at 2.5 per cent that can be directly transferred to farmers cooperatives, Chaturvedi said,according to sources.

Senior leader and CWC member Motilal Vohra emphasised the need to give interest-free loans for higher studies to attract youth,in keeping with the thrust of Congress general secretary Rahul Gandhi.