Indian Budget 2005-06
Full Text of P. Chidambaram, Minister of Finance, Budget Speech(Feb 28, 2005)
36. I now turn to investment which is the paramount requirement to consolidate the growth process. In agriculture, we shall enhance public and private investment in the infrastructure required to support expansion, diversification and value addition. In the industrial sector, both the public sector and the private sector will be allowed the space to grow and compete with each other. Government will play the leading role in providing and facilitating investment in public goods such as roads, railways, power, seaports and airports. In the services sector, Government will recognize the leading role played by the private sector, and provide a supportive policy environment and stable tax policies.
37. I am happy to announce that in 2005-06, the Government will provide equity support of Rs.14,040 crore and loans of Rs.3,554 crore to Central Public Sector Enterprises (including Railways).
38. Success, however, will ultimately depend upon our ability to finance the growth. Government will, therefore, through a mix of right policies and prudent taxes, promote savings and devise ways and means to channel these savings into productive investment. The capital market, banks, insurance companies, pension funds and superannuation funds would have a crucial role in mobilizing and disbursing the financial resources required to sustain high investment.