Hon Chairperson, hon Ministers, hon Deputy Ministers, MECs and colleagues, economic growth in South Africa is too slow and the most inhibiting factors are caused by the very institutions responsible for creating an environment for economic growth.
The budget allocation for the 2012-13 financial year amounts to R672 million, with transfers of R523 million to agencies and institutions, leaving the Department of Economic Development with a budget of R149 million for the operational budget, the Ministry and capital expenditure.
Minister Patel, thank you for presenting the budget for the first time in a provincial sense. It's very much appreciated. That's what the NCOP is here for.
I read the same Statistics SA report and what concerns me is the figures of the last quarter in 2011 and the first quarter in 2012. These figures show that five of the nine provinces lost a lot of jobs, with the Eastern Cape leading with 46 000 jobs lost, KwaZulu-Natal with 43 000 and the Free State with 16 000.
We are very concerned that the New Growth Path looks as if it is one of the many plans that indicate a lack of unity in Cabinet's vision of economic development. The operational silo syndrome among all departments explains why there is all policy, plan, regulation and red tape and no implementation. Let us concentrate on the National Development Plan and the DA's 8% growth policy.
Hon Minister Patel, your department sits on a huge Jobs Fund. The DA in the Western Cape is driving the model for a wage subsidy, similar to National Treasury's, to create sustainable jobs for the youth. It is clear that the President and Cosatu are at loggerheads over the youth wage subsidy. [Interjections.] Let me tell you, this is evidence of the extent Cosatu will go to to stop the wage subsidy, which is a disgrace. [Interjections.]