India vows spending to help economy 'fly'
India's finance minister pledged major investment in infrastructure on Saturday, saying it was time for the economy to "fly", as he unveiled the new right-wing government's first full budget.
Arun Jaitley said his government had inherited an economy dominated by "doom and gloom" when it took power last year, trumpeting its achievements in conquering inflation and kick-starting growth.
"The credibility of the Indian economy has been reestablished. The world is predicting this is India's chance to fly," he said.
Prime Minister Narendra Modi swept to power last year on a pledge to revive India's flagging economic fortunes and provide jobs for its 1.2 billion people.
But he has been criticised for failing to push through the concrete reforms experts say India needs if it is to attract much-needed foreign investment.
On Saturday Jaitley said the government would increase spending on the country's crumbling roads, railways and ports by $11.3 billion in 2015/16 as it seeks to win back investment and boost growth.
He pledged to complete 100,000 kilometers of roads currently under construction, build another 100,000 kilometers and commission five "ultra mega" power projects to help end electricity shortages.
The government will set up tax-free infrastructure bonds to finance its plans through a national fund that will receive a 200-billion-rupee ($3.2 billion) injection of public money.
Jaitley also announced plans for a universal social security system that would give poor Indians access to subsidised insurance and pensions.
A new insurance scheme will provide coverage for accidents and death for just 12 rupees -- less than 20 US cents -- a year for India's poorest.
The government also plans to set up a basic pension scheme for the millions of Indians currently unable to afford to put money aside for their old age, Jaitley said.
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(Source: AFP)
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