Dr Manmohan Singh has raised the bar to 10 per cent; growth will be our mount; equity will be our companion; and social justice will be our destination.

Mr Speaker, Sir

It is my privilege to present the Budget for the year 2006-07.

I am happy to report that the prospects for 2005-06 are just as good, if not better. This year can be characterised as the best of times and the worst of times. Nature has not been kind to us. Natural calamities took a heavy toll on human lives besides causing extensive damage to crops, roads, houses, and the infrastructureIt was also the best of times. The Government has been able to fulfil the obligation of ensuring a high growth rate.

According to the CSO's advance estimates, GDP growth is likely to be 8.1 per cent this year, with the manufacturing sector expected to grow at 9.4 per cent. Agricultural growth has bounced back to 2.3 per cent and, barring mining, all other sectors are performing satisfactorily. Inflation, as on February 11, 2006 was 4.02 per cent.

Non-food credit is growing by over 25 per cent. A large part of the credit goes to our farmers, workers, service providers, traders and business persons.

I believe that growth is the best antidote to poverty. The GDP growth target for the Tenth Plan was set at 8 per cent. Thanks to three years of 7.5 per cent plus growth, it is possible that the overall growth rate will be 7 per cent. In recent speeches, the Prime Minister has raised the bar to 10 per cent, and the Government is determined to take the country to that high growth path. Growth will be our mount; equity will be our companion; and social justice will be our destination.

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