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PM says Budget will reduce rich-poor disparity

Prime Minister Atal Bihari Vajpayee today described the Union Budget for the financial year 1999-2000 as "excellent, compassionate and development-oriented" and one that would reduce the urban-rural, rich-poor and regional disparities.

"We have been able to pull the Indian economy out of the global recession and I am confident that India will become one of the strongest economies in future," he said.

According to him, the Budget emphasises the creation of large-scale employment opportunities in rural areas through investment in infrastructure. It also empowers the small-scale industries and investors.

The National Human Development Initiative announced in the Budget will meet the basic needs of the rural poor for food, shelter, healthcare, education and employment.

He said the Budget is pro-farmer, as it has major packages for water and rural credit, the key needs of the kisan.

The Budget will revive industry, especially the small-scale industry, which is reeling under recession, he said.

Describing the Budget proposals as responsible, Vajpayee said the reduction in the fiscal deficit would keep inflation down and promote investment.

The major tax reforms announced in the Budget will stimulate productivity and employment, he said.

UNI

Budget 1999-2000

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