Govt taking steps to revive economy: President Pranab Mukherjee in Parliament address

Feb 21 2013, 15:13 IST
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SummaryBoth global and domestic factors have affected our growth: President

capacity in urea by 2017, making the country self reliant in the product.

Pointing out that lack of adequate and quality infrastructure is a major hurdle in the fast growth, he said, it is imperative that the infrastructure deficit is "overcome and adequate investment takes place".

The President also said the government remains committed to increasing the share of manufacturing sector to 25 per cent of GDP and creating 100 million jobs within a decade.

Referring to the recent rollout of Direct Benefits Transfer system, he said it would enable government sponsored benefits such as scholarships, pensions and maternity benefits to flow directly into the accounts of beneficiaries.

"In due course, the Direct Benefits Transfer system will also cover wages and subsidies on food and LPG. This system will help cut down leakages, bring millions of people into the financial system and lead to better targeting of beneficiaries," he said.

However, the President said, the Direct Benefits Transfer system will not be a substitute for public services and will be complementary to the Public Distribution System.

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