‘For 8.7%, 120 FMs would give an arm’

This Rs 60,000 crore would have stayed on banks’ books as NPAs. By waiving it we are freeing up that amount...

On debt relief to farmers

This Rs 60,000 crore would have stayed on banks’ books as NPAs. By waiving it we are freeing up that amount for circulation into the markets and the economy. This will have a multiplier effect on growth. The government will make this amount available to banks over a period of three years. I have done my homework, and the details of how it will work will be made available over time. Actually, this money of the banks is already in the hands of farmers, and it is not likely to come back to them.

On slowdown in GDP

Slowdown is not a plunge in our case. An 8.7-8.8 per cent growth is not to be mocked at. An 8.8 per cent growth is the kind of growth 120 finance ministers of other countries would give an arm and a leg to get. Our slowest growth of 7.5 per cent is the highest that was recorded during a pervious regime. Every single pie of expenditure in the Budget, other than the farm loan waiver, has been accounted for. The details of the waiver will be announced later.

On eliminating revenue deficit

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Revenue deficit target of 1 per cent has been achieved…(it will take) another one year to eliminate it. Revenue deficit will be eliminated eventually..

On employment generation

More and more people have been given employment over the past few years. Unfortunately, in this country, we get data a bit late. If you compare employment creation between 1999-2004, which was about 5.4 per cent average growth, at 8.8 per cent growth certainly far more jobs created would be created – as any economist will tell you. It is true that because a large number of new people have come into the job market, the (unemployment) numbers look large. But employment creation has taken place. Also, under employment scheme, if people get Rs 80 a day, they are getting Rs 80 a day through work.