KOCHI: Delay in allocation of funds was hampering the projects intended to be taken up in the budget, said N. Rangachary, former Chairman of the Central Board of Direct Taxes.

Speaking on `Union Budget 2007' at a function organised by the Adi Sankara Trust here on Friday, he said delivery mechanism would have to be improved to take the reforms to the targeted groups.

There were several instances in which the budgeted allocations reached the concerned departments after several months.

The preparations for the next budget might also begin a few months later.

This underscored the need for continuity in policies.

A long-term planning would bring better results, he said.

Preparing the budget in anticipation of elections would be a bad practice, he said.

He was unaware of such a connection in the latest budget though people had raised doubts whether the forthcoming Assembly polls to two States was a factor that influenced the budget allocations.

There had been a change in the emphasis from organised to the unorganised sector in the process of raising the revenue.

This was because of the large number of people in the unorganised sector.

Higher allocation to education and social security schemes was laudable.

Advanced countries had several schemes to take care of the poor and the old. India too could take effective steps in this direction, provided there was a will.

Substantial allocation for irrigation too would bring good results, he said.

Restriction on futures trading was micro management of a macro problem, according to him.

Venugopal C. Govind, Chartered Accountant, B.S. Krishnan, Managing Trustee of Adi Sankara Trust, and others spoke.

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