I think it is agreed on all sides that we have to accelerate the process of growth. It is also generally agreed, at the same time, that we must ensure that the benefits go primarily to the under-privileged and the unemployed and that we bring about a sizable reduction in inequalities and, at the same time, give price stability. These are the general principles, the principles which were very lucidly stated by my Hon. friend, Dr. V. K. R. V. Rao. I agree with him. As far as those principles are concerned, I think there is no doubt that these are the lines on which we have ultimately to examine ourselves and test ourselves.
If you try to put this test, I must say and I do claim that I have made sincere and serious attempts
I have made attempts and experiments and I have made definite progress in the direction in which our economy has to go. I have no doubt about that in my mind.
It is also true that these social and economic objectives cannot merely be achieved by a budgetary process -- Hon. Members would allow that-not at least by one budget. I quite agree that the budget is a very powerful instrument in this respect and I have tried to make as much use of it as possible, but even then you cannot do it with a single budget; possibly you will have to wait for a series of budgets for the achievement of all over objectives.
I must say, Hon. Members were entitled to ask whether the Budget proposals will take the economy in the right direction or not think, it is certainly legitimate for me that I answer at least on two points, namely, whether the Budget will promote growth and whether, at the same time, it will promote the objective of social justice in the widest possible sense. These are the two criterial on which I would like to speak in this particular matter.
Many Members have said that this Budget is not growth oriented. My Hon. Friend and colleague, Dr. V.K.R.V.Rao, himself said it and I was rather surprised when he said it, because he is an objective intellectual. I have got great respect for him. Certainly, I would like to respond to his points.
He has raised another point which also needs to be answered. It is a legitimate point that he has raised. He has said that the Planning Commission has said that agricultural production should increase by 5 percent and industrial production by 8 or 9 percent, then alone there can be a 5.5 percent rate of growth. He therefore, questioned my claim that with 5 percent rate of growth of agricultural production and 5 percent inorganised industries....
(Interruption)
I would like to tell him that there is nothing wrong with the Planning Commission or with me or with my assessment. What we normally do not take into consideration is a very rapid growth of the small-scale industries. The progress made in this sector and other services sector certainly contributes to national growth. Industrial growth is normally understood to mean the other major industries, but the growth of other services and small-scale industries ultimately give us the assessment that the present claim that I make about the national growth is correct.
But to say that this is not growth oriented Budget, possibly was not to understand it, I must say this very humbly.