Budjet 2005 - A Curtain Raiser

'You can see a dream budget again. But you must wake up to make your own judgement. I believe VAT will be revenue enhancing, not revenue-reducing. Anyway, we have promised to compensate the States according to the agreed formula if there is a loss.'' - P Chidambaram, Finance Minister.

"We are working toward the creation of a regulatory framework in the infrastructure sector that would be transparent and independent and based on international best practices. We believe the Indian economy can absorb up to $150 billion of foreign direct investment in the infrastructure sector over the next 10 years ... We have to create the right environment in which public-private partnership can thrive". - Manmohan Singh, Prime Minister.

"We had a very successful meeting. It was part of the Budget discussions. Both Gross Budgetary Support and utilisation of foreign exchange reserves for infrastructure were discussed" - Montek Singh Ahluwalia, Deputy Chairman - Planning Commission after a meeting with the Finance Minister.