Union Finance Minister Pranab Mukherjee on Monday admitted that he had taken a risk while presenting the Union Budget to curb negative growth.

Speaking at the India Today State of the States Conclave, the minister also called for states to do their bit in UPA's quest for inclusive growth.

The finance minister said that while inclusive growth was a mantra for the UPA government, collective action from the states and the Centre was required to achieve it.

Delivering the valedictory address at the 7th India Today State of the States Chief Ministers Conference, Pranab Mukherjee maintained that key to development was that "inclusive growth has to be enlarged and enhanced".

The finance minister said that states have to be stakeholders in the process of achieving the inclusive growth and promised full support to the state from the central government.

He spoke at length about the UPA's effort to expand funding on development through a host of schemes launched by the UPA government.

Mukherjee also admitted that he had taken a risk in this year's budget to curb negative growth, "despite drought we were confident of overcoming it because we had maintained a buffer stock of agriculture produce."

He also spoke about the stimulus given by the government for the automobile sector by providing 15,000 new buses to the urban areas which he said will also fuel employment in the recession-hit automobile sector.

Mukherjee then give away prestigious State of the States awards to the state chief ministers across the country.