New Delhi: With the new bureaucratic team led by Finance Secretary Ashok Jha in place, the Finance Ministry will begin the process of consultations for the next year's
budget on November 8.
The Union Budget for 2007-08 assumes importance as it will coincide with the first year of Eleventh Five-Year Plan, which will give a thrust to agriculture and infrastructure for attaining an annual average growth of nine per cent.
The broad contours of the Budget would be to push for high, albeit inclusive growth, by a focused approach and programmes for agriculture, rural industries and infrastructure and specific schemes for employment generation to address the problems of poverty.
Finance Ministry officials would initiate consultations from next week, starting with details of revised estimates for the current financial year, official sources said.
Keeping in line with the Common Minimum Programme to lay emphasis on employment generation and social sectors such as health and education, the Budget will strive to step up allocation for these sectors.
High on expectations of surpassing tax and non-tax revenue targets during the current financial year, the sources said resources for social sectors would be maximised to make the economic growth inclusive. The Approach Paper to the 11th Plan, which was approved by the Full Planning Commission last month, has also termed these social sectors as the government's top priority.
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