Thursday, June 4, 2009

Economy-related highlights of president's address

Following are the economy-related highlights of President Pratibha Patil's address to the joint session of parliament Thursday where she outlined the United Progressive Alliance (UPA) government's broad agenda for the next five years:

- Immediate priority to counter effects of global slowdown

- Focus on small units, exports, textiles, automobile, infrastructure, housing

- Divestment of stake in state-run units but no privatisation

- Encourage foreign investment with appropriate policy changes

- Reforms in insurance, pension and banking

- Reorient subsidies so that they benefit only the needy

- Ensure prudent fiscal management

- Move towards common goods and services tax regime

- Encourage pubic-private partnerships in infrastructure

- Expand rural telephone network to achieve 40 percent tele-density

- New targets for rural electrification, irrigation and roads

- Integrated energy policy for adding 13,000 MW every year

- Aggressive hydrocarbons exploration with renewed hunt for oil assets abroad

- Make civilian nuclear energy deal operational

- Massive skill development initiative to realise demographic dividend

- Legislative amendments to protect unfair displacement from farmland

- Brain gain policy to attract global talent to 14 "innovation universities"

- Measures to get back illegal money stashed overseas

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