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  3. Budget 2016-17 to focus on rural economy, infrastructure, banks

Budget 2016-17 to focus on rural economy, infrastructure, banks

12 Jan 2016 Evaluate

In order to fire up growth and tackle the growing unease in the farm economy, the government is making a strategy to focus on infrastructure, agriculture and restoring the health of the banking system areas as well as specific measures to ease stress in the rural economy as part of the 2016-17 Budget. There is a need to take effective measures to revive vital sectors and overall growth and the focus of the government is mainly on irrigation and agriculture as this is a very crucial Budget for the government.

Further, the infrastructure sector will see greater attention as the government is keen to step up investment despite a challenging fiscal situation. The government has already allocated Rs 5,300 crore to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai Yojana and has urged states to chip in substantially in this vital sector. In the absence of private investment, indications are that the sector will receive special attention, including unveiling of some innovative financing schemes. For banking sector, the government has taken several measures, including pumping in Rs 70,000 crore to recapitalise state-run banks. There is a view within the government that more needs to be done to secure the health of the crucial sector.

The rural economy, a key driver of demand and a support for the broader economy, has taken a knock from the two back-to-back seasons of patchy monsoon rains. The segment drives demand for everything from motorcycles to tractors, televisions and refrigerators. For agricultural sector, Finance minister Arun Jaitley already signaled the government's support by backing calls for raising investment in the crucial farm sector and leveraging technology to fire up growth.

Besides the focus on the crucial sectors Jaitley's Budget team is also working on the big numbers of the financial document, keeping in view the government's commitment to meet the fiscal deficit target of 3.9% of the gross domestic product for the current fiscal year.


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