The Eleventh Plan investment target of Rs 14.32 lakh crore is unlikely to be met, as the government would need to increase the Gross Budgetary Support (GBS) by 42% in 2011-12 the terminal year of the plan and that wont be possible. Gross budgetary support to the plan needs to be raised by 42% in 2011-12, if the government intends to meet 11th plan (2007-12) target of Rs 14,31,711 crore at constant prices, a source in the Commission said. Besides, sources pointed out that as the central assistance to state plans has already exceeded the projection, the GBS for central plan will have to be increased by 67% (in 2011-12) to meet the overall targets. GBS is the financial assistance provided through the Budget for the social sector and other development schemes of the centre as well as the states.
WEF meeting ends on cautious note
The 41st annual World Economic Forum meeting ended on a cautious optimism with global leaders raising doubts about the worlds ability to combat effectively a possible financial crisis, even as they asked corporates not to sacrifice long-term growth for short-term profits. Can we safely say that we can prevent further crises from happening Do we have the necessary mechanisms in place to ensure sustainable growth globally We have laid down the groundwork, but we are not there yet, these remarks by German Chancellor Angela Merkel reflected the mood at the conference, which was attended by several heads of states and global CEOs. Not only Merkel, but other leaders also warned against complacency about the risks of a new financial crisis, saying that all the international mechanisms needed to prevent another crash are not yet in place. The worlds largest economies, according to US treasury secretary Timothy Geithner, need to collaborate in order to face known and unknown challenges.
Leather body eyes exports worth $8.25 bn by 2014-15
The Council for Leather Exports (CLE), which comes under the union ministry of commerce and industry, has set an ambitious target of $8.25 billion by 2014-15 as against 2009-10 level of $3.4 billion with a compounded annual growth rate of 15%, said Rafeeque Ahmed, chairman, CLE. The key factors include a strong revival in the European Union markets, surging demand from across the globe, a shift in global importers preference towards India than China & Vietnam and other exporting countries, quality and cost competitive, he added. Ahmed was speaking at at a press conference to announce the four-day, 26th India International Leather Fair, being organised by India trade Promotion Organisation, in Chennai from Monday.