New Delhi, Feb 29 (ANI): Prime Minister Dr. Manmohan Singh today hailed the Union Budget proposals for 2008-09 as pro-agriculture, pro-investment and growth-oriented, saying that the measures announced by Finance Minister P.Chidambaram would address critical problems of the farm sector and would lead to the overall development of the economy.

He said the prime objective of the Budget is to ensure growth and reasonable price stability.

He described the loan waiver of farmers as generous and an unorthodox move by the Government.

Complimenting the move for development of stock markets and investment opportunities, he said the listing of more PSUs would help market sentiment.

"There are good prospects for PSUs... markets are thirsty for good chips," he said on P.Chidambaram's initiative to list more public sector companies through part divestment to unleash their potential.

Dr.Singh said the Budget has made an attempt at removing regional inequalities by aiding in the development in backward states like Bihar, Orissa and Madhya Pradesh.

He, however, added, while the Central Government has made allocations, it was for the states to implement the schemes on the ground level.

The Prime Minister described the sluggish growth rate in the agricultural sector as a matter of concern, and noted that the government would raise investment in the area to 16 per cent of the GDP.

He said the number of initiatives announced by the Finance Minister for farmers is encouraging and would make them active partners in facilitating accelerated economic growth.

Dr.Singh said except for the Women's Reservation Bill, the Government had made beginnings on all other points listed in the UPA's Common Minimum Programme. (ANI)