Brushing aside criticism that the Budget was not growth-oriented, Finance Minister Jaswant Singh on Saturday said the focus on infrastructure and certain other sectors will provide "quick returns" for higher gross domestic product growth and employment.

"We discussed the economy and the Budget. The (growth) figures will come by and by as the year progresses," Singh told reporters after his customary post-Budget meeting with the Reserve Bank board in New Delhi.

"The Budget focussed on the sectors like infrastructure, textiles, tourism, pharma and other knowledge-based sectors as it would provide quick returns for growth of the economy and employment," he said addressing the RBI board.

Elaborating on Singh's observation on growth, RBI Governor Bimal Jalan said the Budget provided the necessary impetus to growth backed by strong fundamentals.

Jalan said there was a need to improve efficiency in order to ensure higher GDP growth. He declined to give any growth projection but said "we will revise it in the April Credit Policy." The RBI projected a 5-5.5 per cent growth in GDP for this fiscal.

Jalan said RBI made a range of suggestions on macro economy management, monetary management and also on the fiscal side, which the finance minister would consider in the course of the year.

While admitting the constraints in view of the fiscal deficit of 5.6 per cent of GDP targeted during 2003-04, Singh emphasized the private-public partnership in infrastructure by leveraging Rs 2,000 crore (Rs 20 billion) of funds allocated in the budget for catalysing much larger investment in that sector which would benefit all aspects of economic activity.

Referring to "rigidities" in expenditure due to high debt repayment, defence and subsidies, he said the government has given greater attention to reduce interest payment through prepayment of costly external debt, restructuring of financial state debt and restructuring of financial institutions.

Singh said the government adopted 90 per cent of the suggestions made by the Kelkar Task Force on improving tax administration.

"Tax revenues must be mobilised in a green channel system based on trust rather than mistrust," he added. Singh also highlighted the need for agri reforms through technology revolution.