BUDGET-MAKING-A Crowd Scene

and 32 per cent of total private infrastructure investment.
The implications of these 'projections' should be clear: (i) the environment for foreign investment should be rendered much more favourable to attract much higher volumes of such investment than currently received; (ii) the pricing of infrastructural services should be rendered flexible so that adequate internal resources can be generated by the public and private sectors; (iii) the government should through sovereign borrowing, liberalisation of the institutional finance market to allow private entry and the launch of innovative resource mobilisation schemes such as the securitisation of debt, fiscal concessions and the provision of guarantees as part of a 'public-private partnership game', facilitate the mobilisation of resources by financial institutions and their diversion to the infrastructure area; and (iv) the capital market should be substantially liberalised to facilitate the generation of resources for infrastructure rising from Rs 250 bn at present to Rs 420 bn in 2000-01 and Rs 720 bn in 2005-06. The net result of these means to realising projected outcomes is that much of the report has to do with financial sector reform and the supportive role the state needs to play in raising private savings and ensuring their mobilisation by financial intermediaries.