2008 Budget Expectations : The economic growth of India have been improving significantly over the last few years. Therefore, in this situation, lot of
budget expectations will arise on the eve of the 2008 budget announcement. These are described below.
If the current rise of economic growth continues then, the Gross Domestic Product will definitely have a chance to touch the double figure that is, 10. The agricultural sector also has witnessed a sustainable growth during 2006-07 and so is the case for chemicals, pharmaceuticals and automobile industries.
India is also shining in its export business and it export basket is diversifying rapidly, that is moving from gems, jeweleries and textiles to automobile parts and engineering goods. Therefore in this scenario, the target of 150 billion dollars for export business within 2008-09 is seemed reachable.
The Reserve Bank of India and the government have been able to keep the inflation rate in control for the last few years by balancing the money supply and demand for goods. So it can be expected that the collaboration of bank and government will be able to maintain the inflation rate under 5%.
The 2008-09 budget will ensure a sustained economic growth through various schemes launched under the regulations of the Bharat Nirman project. It is important now for the government to implement the allotted resources within the given time and, the maintenance of the projects that are already launched.