In a clear message to UPA allies and opposition parties ahead of the Budget, Finance Minister P Chidambaram on asked them to set aside all "sterile political controversies" and focus on economic reforms to sustain high growth.
"Keep aside all sterile political controversies and focus on economic growth and economic progress," Chidambaram said, outlining a 5-point agenda for India to become a "driver" of global economy along with China in the 21st century.
It was important for India to become a "fiscally prudent and responsible" country, he said, indicating that the budget would give top priority to cutting fiscal and revenue deficit further in 2005-06 as mandated in the FRBM Act.
Indian economy needs to open up further and choose the same path as it did in 1990s, he said at the Platinum Jubilee AGM of Indian chapter of International Chamber of Commerce.
He also hinted on measures to step up investment in infrastructure, agriculture and irrigation in the budget and said India Inc needs to increase its competitiveness and identify areas where the country has a competitive advantage.
Referring to the recent CSO estimate, he said, "To our satisfaction, the GDP growth has been estimated at 6.9 per cent for 2004-05." This was on the back of a high 8.5 per cent growth of 2003-04.
Indian economy is resilient so as to post such a high growth even after an erratic monsoon, high oil prices and adverse impacts of tsunami, he said referring to the robust manufacturing growth of 8.7 per cent and certain services growing by 11.1 per cent.