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Demands for Grants (2011-2012)

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Demands for Grants (2011-2012) STANDING COMMITTEE ON FINANCE 33 (2010-2011) FIFTEENTH LOK SABHA MINISTRY OF FINANCE (DEPARTMENTS OF ECONOMIC AFFAIRS, EXPENDITURE, FINANCIAL SERVICES AND DISINVESTMENT) DEMANDS FOR GRANTS (2011-2012) THIRTY-THIRD REPORT lR;eso t;rs LOK SABHA SECRETARIAT NEW DELHI August, 2011/Shravana, 1933 (Saka) THIRTY-THIRD REPORT STANDING COMMITTEE ON FINANCE (2010-2011) (FIFTEENTH LOK SABHA) MINISTRY OF FINANCE (DEPARTMENTS OF ECONOMIC AFFAIRS, EXPENDITURE, FINANCIAL SERVICES AND DISINVESTMENT) DEMANDS FOR GRANTS (2011-2012) Presented to Hon’ble Speaker on 30 June, 2011 Presented to Lok Sabha on ............................2011 Laid in Rajya Sabha on .................................2011 lR;eso t;rs LOK SABHA SECRETARIAT NEW DELHI August, 2011/Shravana, 1933 (Saka) C.O.F. No. 33 Price : Rs. 75.00 © 2011 BY LOK SABHA SECRETARIAT Published under Rule 382 of the Rules of Procedure and Conduct of Business in Lok Sabha (Fourteenth Edition) and printed by M/s. The Indian Press, Delhi-110 033. CONTENTS PAGE COMPOSITION OF THE COMMITTEE ................................................... (iii) INTRODUCTION............................................................................... (v) PART I BACKGROUND ANALYSIS I. Budgetary Allocation.............................................................. 1 II. Departments of Economic Affairs and Expenditure................. 9 A. Demand No. 35 – Transfer to States and Union Territories: Underutilization of funds under major State Plan Schemes...... 9 B. Inflation........................................................................ 12 C. Budgetary Reforms....................................................... 18 D. Rate of Interest on General Provident Fund.................... 25 III. Department of Financial Services........................................... 26 A. Expansion of Banking Services....................................... 26 B. Lending to Agriculture and Weaker Sections................... 32 C. Debt Recovery Tribunals............................................... 43 D. Repudiation of Insurance Policies................................... 45 IV. Department of Disinvestment................................................. 57 Disinvestment Policy.............................................................. 57 PART II Recommendations/Observations of the Committee................... 60 APPENDICES Minutes of the sittings of the Committee held on 8th April, 2011 and 25th May, 2011...................................................... 69 COMPOSITION OF THE STANDING COMMITTEE ON FINANCE (2010-2011) Shri Yashwant Sinha — Chairman MEMBERS Lok Sabha 2. Dr. Baliram (Lalganj) 3. Shri Sudip Bandyopadhyay 4. Shri C.M. Chang 5. Shri Harishchandra Chavan 6. Shri Bhakta Charan Das 7. Shri Khagen Das 8. Shri Gurudas Dasgupta 9. Shri Nishikant Dubey 10. Shri Bhartruhari Mahtab 11. Shri Mangani Lal Mandal 12. Smt. Jayaprada Nahata 13. Shri Rayapati Sambasiva Rao 14. Shri Magunta Sreenivasulu Reddy 15. Shri Sarvey Sathyanarayana 16. Shri G.M. Siddeshwara 17. Shri N. Dharam Singh 18. Shri Manicka Tagore 19. Dr. M. Thambidurai 20. Shri Anjankumar M. Yadav *21. Dr. Kavuru Sambasiva Rao *Nominated to this Committee w.e.f. 28.01.2011 vice Shri Y.S. Jagan Mohan Reddy, ceased to be a member of the Committee on his resignation from Lok Sabha. (iii) Rajya Sabha 22. Shri S.S. Ahluwalia 23. Shri Raashid Alvi 24. Shri Vijay Jawaharlal Darda 25. Shri Piyush Goyal 26. Shri Moinul Hassan 27. Shri Satish Chandra Misra 28. Shri Mahendra Mohan 29. Dr. Mahendra Prasad 30. Dr. K.V.P. Ramachandra Rao 31. Shri Y.P. Trivedi SECRETARIAT 1. Shri A.K. Singh — Joint Secretary 2. Shri R.K. Jain — Director 3. Shri T.G. Chandrasekhar — Additional Director 4. Shri Ram Kumar Suryanarayanan — Deputy Secretary 5. Shri Kulmohan Singh Arora — Under Secretary (iv) INTRODUCTION I, the Chairman of the Standing Committee on Finance (2010-11), having been authorized by the Committee, present this Thirty-third Report (15th Lok Sabha) on the ‘Demands for Grants (2011-12) of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment). 2. The Demands for Grants (2011-12) of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment) were laid on the Table of the House on 11 March, 2011. Under Rule 331E of the Rules of Procedure and Conduct of Business in Lok Sabha, the Standing Committee on Finance are required to consider the Demands for Grants of the Ministries/Departments under their jurisdiction and make reports on the same to both the Houses of Parliament. Thereafter, the Demands are considered by the House in the light of the reports of the Committee. However, this year, the Demands for Grants (2011-12) of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment) were passed by Lok Sabha prior to their consideration by the Standing Committee on Finance. Nonetheless, in pursuance of the observation made by the Chair, the Committee examined the Demands for Grants (2011-12) of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment) and issues arising therefrom. 3. The Committee took oral evidence of the representatives of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment) on 08 April, 2011. 4. The Committee considered and adopted this Report at their sitting held on 25 May, 2011. Minutes of the sittings of the Committee are given in appendix to the Report. 5. The Committee wish to express their thanks to the representatives of the Ministry of Finance (Departments of Economic Affairs, Expenditure, Financial Services and Disinvestment) for appearing before the Committee and furnishing the material and information which the Committee desired in connection with the examination of the Demands for Grants (2011-12). NEW DELHI; YASHWANT SINHA, 20 June, 2011 Chairman, 30 Jaishtha, 1933 (Saka) Standing Committee on Finance. (v) PART I BACKGROUND ANALYSIS CHAPTER I BUDGETARY ALLOCATION 1.0 The Ministry of Finance is responsible for the administration of the finances of the Central Government. It is concerned with economic and financial matters affecting the country as a whole, including mobilization of resources for development. It regulates the expenditure of the Central Government, including the transfer of resources to States. The Ministry comprises of the five Departments namely: (i) Department of Economic Affairs (ii) Department of Expenditure u (iii) Department of Revenue (iv) Department of Disinvestment; and (v) Department of Financial Services 1.1 The Ministry of Finance is responsible in all for 13 Demands for Grants, which cover the above 5 Departments. These Demands are namely: (a) Demand No. 32 –Department of Economic Affairs (b) Demand No. 33 – Department of Financial Services (c) Demand No. 34 – Appropriation – Interest Payments (d) Demand No. 35 – Transfers to State and Union Territory Governments (e) Demand No. 36 – Loans to Government Servants etc. (f) Demand No. 37 – Appropriation – Repayment of Debt (g) Demand No. 38 – Department of Expenditure (h) Demand No. 39 – Pensions (i) Demand No. 40 – Indian Audit and Accounts Department (j) Demand No. 41 – Department of Revenue (k) Demand No. 42 – Direct Taxes (l) Demand No. 43 – Indirect Taxes (m) Demand No. 44 – Department of Disinvestment The Detailed Demands for Grants and the Outcome Budget of the Ministry for 2011-12 were laid on the Table of the House on 11.3.2011. 1.2 This Report deals with four out of five Departments under the Ministry of Finance covering 10 Demands. Matters relating to one Department viz. Department of Revenue and three Demands for Grants concerning the Department are dealt with in a separate report. A. Department of Economic Affairs 1.3 The Department of Economic Affairs (DEA) deals with four Demands. These are: (i) Demand No. 32, Department of Economic Affairs, (ii) Demand No. 34, Appropriation— Interest Payments, (iii) Demand No. 36, Loans to Government Servants etc., and (iv) Demand No. 37, Appropriation—Repayment of Debt. The DEA Demands for Grants predominantly cover interest payments and repayment of debt. (i) Demand No. 32: Department of Economic Affairs 1.4 Total Budget provision for 2011-12 is Rs. 10,233.24 crore. The break-up is for Plan Rs. 2040.00 crore and Non-Plan Rs. 8193.24 crore. The significant components of expenditure are:— • Contribution to Railways for Safety Works – Rs. 1040.63 crore. These funds would be used for constructing road over bridges and under bridges and for ensuring safety at unmanned level crossings etc. There is a net increase in the allocation for this scheme by Rs. 110.82 crore over RE 2010-11. • Assistance for Infrastructure Development through Public Private Partnership (PPP) by providing Viability Gap Funding – 2 Rs. 499.37 crore. The allocation for BE 2011-12 has been stepped up by Rs. 374.37 crore over the RE 2010-11 of Rs. 125 crore. • National Social Security Fund for Unorganised Sector workers– Rs. 500 crore. During 2010-11 Rs. 1000 crore was deposited in the Fund. NON-PLAN • Subsidies to Railways towards dividend relief and other concessions from general revenue–Rs. 3022.61 crore. The support has been enhanced over the previous year. • Reimbursement of losses on operating strategic Railway lines– Rs. 657.92 crore. There is an increase in allocation over the previous year. • Purchase of coins from Security Printing and Minting Corporation of India Ltd. for supply
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