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| FM's SPEECH on UNION BUDGET 2001-2002 |
| 5. While economic reforms have placed the country on a much more secure and sustained growth path, we still have some serious concerns and cannot afford to be complacent. l Agricultural reforms have been inadequate and our agriculture continues to be subject to the vagaries of the monsoon. l Despite major industrial sector reforms, industrial growth has not accelerated to the double-digit level as expected. l Inadequate fiscal adjustment has remained the most intractable problem over the past decade. ¨ Interest payments now constitute over 69 per cent of the Centre’s tax revenues. ¨Subsidies continue to increase to unaffordable levels and do not necessarily reach the deserving beneficiaries. ¨ The pension liability of the Government is becoming onerous. l Public investment in infrastructure and social sectors is inadequate due to falling total public sector savings. l Private investment is constrained due to high real interest rates and inadequate infrastructure. |