Thursday, February 16 2006 12:30 Hrs (IST) - World Time -

New Delhi: Rolling out the reform agenda ahead of the Budget, President A P J Abdul Kalam today (Feb 16 2006) said the Government will create a common market for agriculture and step up infrastructure development in ports, roads, power, airports, telecom and railways to sustain high growth.

Promising to keep the price line at a modest level despite surging global energy prices, Kalam said the UPA Government is committed to efficient management of public utilities and enterprises in the pursuit of reform.

In his address to joint sitting of Parliament, marking the beginning of the budget session, Kalam said the economy was on the move and after none too exciting growth of around 5 per cent per annum during 1999-2003, it has bounced back recording 7.5 per cent growth in 2004-05 and likely to cross 8 per cent this fiscal.

"This is probably a precursor to better times to come in the future. The Government's prudent and judicious management of the economy has helped it to perform exceedingly well despite unprecedented rise in oil prices which was of immense satifaction," he said.

The renewed optimism of the people is visible in the savings rate which now over 29 per cent and the investment rate which is near 31 per cent, the President said.

Voicing Government's determination to address the concerns of 'Aam Aadmi', Kalam said highest priority would be given to welfare of farmers and development of rural economy.

Apart from increasing farm credit by 60 per cent, a revival package for long term cooperative credit structure is being studied, besides implementing a revival package for short term rural credit structure involving Rs 14,000 crore as recommended by the Vaidyanathan committee.

"My Government is committed to having a common market for agricultural produce so that farmers get better farm gate prices. This is being done by making warehouse receipts negotiable instruments, amending the Essential Commodities Act, working with states to amend Local Agriculture Produce Marketing Acts and expanding food supply and storage chain," the President said.

A National Rainfed Authority is being established to look into all dimensions of managing water resources and the Government has begun work on all elements of interlinking of peninsular rivers starting with work on two such links, he said.

He also said the Government was in the process of setting up a National Biotechnology Regultory Authority which will be a nodal set-up for release, import and post-release monitoring of Genetically Modified crops and seeds.

Apart from strengthening states seeds testing laboratories, Government proposes to launch National Boidiesel Programme in the next fiscal.