New Delhi: Brushing aside criticism that the Budget was not growth-oriented, Finance Minister Jaswant Singh on March 15 said the focus on infrastructure and certain other sectors will provide "quick returns" for higher gross domestic product (GDP) growth and employment.

"We discussed the economy and the Budget. The (growth) figures will come by and by as the year progresses," Singh told reporters after his customary post-Budget meeting with the Reserve Bank of India (RBI) board.

"The Budget focussed on the sectors like infrastructure, textiles, tourism, pharma and other knowledge-based sectors, as it would provide quick returns for growth of the economy and employment," he said addressing the RBI board.

Elaborating on Singh's observation on growth, RBI governor Bimal Jalan said the Budget provided the necessary impetus to growth backed by strong fundamentals.

The macro economic circumstances in the country with low inflation of 4.0 per cent and high FOREX (foreign exchange) reserves of nearly $ 74 billion indicated that the potential for growth was high, Jalan said, adding "the Budget will contribute to it".

However, Jalan said there was a need to improve efficiency in order to ensure higher GDP growth.

Jalan declined to give any growth projection, but said "we will revise it in the April credit policy". The RBI projected a five to 5.5 per cent growth in GDP for this fiscal, as against the CSO estimate of 4.4 per cent.

He also did not comment on interest rate except to say "as of now, interest rates are soft".

PTI