NEW DELHI, APR 15: Finance Minister Yashwant Sinha today set to rest speculation about the fate of the union budget in the face of political uncertainty saying its passage in parliament would face no problems."People are expressing concern about the passage of the budget but I assure them that the budget and the Finance Bill will be passed," he said intervening in the discussion in the Lok Sabha on the motion of confidence in the Vajpayee government.Stoutly defending economic policies of the ruling coalition, Sinha said through deft handling, the government had put the economy back on the rails despite several problems. "Despite all problems (in the economy), this country has been brought back on the rails and it is ready to take off. Let us not do anything for which we may have to repent later," he said, appealing to members to rise above party considerations and support the government.Assailing the congress for attempting to "destabilse" the government, Sinha said the main opposition party couldnot stay long away from power and, therefore, "often indulges in toppling games whenever non-Congress parties are in power".Stating the Vajpayee government was the second non-Congress government to complete one year in office, he said other opposition parties should be beware of the designs of the Congress to gain power. Assailing leader of the Opposition Sharad Pawar for criticising the government's economic performance, Sinha said even the World Bank had hailed the state of Indian economy in the backdrop of the South-east Asian currency crisis and the global recession.Dismissing opposition criticism about poor flow of foreign investment, he said foreign direct investment had, in fact, soared to $ 4.4 billion and foreign exchange reserves had gone up to a record $ 32.47 billion.The finance minister admitted that unemployment was increasing but held the Congress responsible for it saying the reforms "without human face" carried out by that party from 1991 to 1996 had resulted in the problem.Hesaid the government was successful in containing the runaway inflation and finished the fiscal year with a low five per cent. Expressing concern over diversion of central funds by certain states, he said the centre was evolving a mechanism under which the states misutilising the funds would get reduced allocation.Sinha said the centre had launched a major fiscal correction programme for the states to bail them out from the difficult financial situation, partly due to implementation of the Fifth Pay Commission's report. Sinha said the gross domestic product was set to cross the target of 5.8 per cent this year as compared to five per cent last year. Claiming that the government had been able to keep inflation in check, he said the wholesale price index (WPI) was five per cent at the end of March, which was the lowest in the decade except for a brief period in 1995-96 when it had fallen to 4.4 per cent.About other sectors, he said the country had adequate stocks of foodgrains, with 8.9 million tonnesof rice and 8.7 million tonnes of wheat in reserve. The agricultural credit had gone up to Rs 28,000 crore in the last financial year, an increase of 20 per cent, Sinha said.Sinha expressed concern over diversion of central funds by certain states, and said the centre was evolving a mechanism under which the states not utilising the funds properly would get lower allocations.The Finance Minister cautioned the opposition parties to beware of designs of the congress which he said could not stay out of power for long and so was destabilising the Vajpayee government.
