Pranab, Budget 2012-13 Objectives

The Union Budget 2012-13 presented by the finance minister Pranab Mukerji in Lock Sabha, Identified five objectives to addressed effectively in the ensuring fiscal year.

They includes: focus on domestic demand driven growth recovery, create condition for rapid revival of high growth in private investments;

Address supply of bottlenecks in agriculture, energy and transport sector particularly in coal power National Highway, Rail ways and civil aviation

Intervene decisively to address the problem of malnutrition especially in the 200 high burden districts expedite coordinated implementation of decisions being taken to improve delivery system, government and transparency; and address the problem of back money and corruption in public life the country’s GDP growth in 1012-13 is expected to be 7.6% +/- 0.25 % in 2011-12 the country’s GDP is estimated to grow at 6.9% after having grown at the rate 8.4% in each of the two preceding years. Thought the global crisis had affected India, it still remains among the front runners I the economic growth said minister

The slowdown is primarily due to deceleration in industrial growth. Stating that headline inflation remained high for most part of the year, the financial minister expressed hope that it will moderate future in the next few month and remain stable thereafter

He said emphasis on striking a balance between fiscal consolidations and strengthening macroeconomics fundamentals. He announced introduction if amendment to fiscal responsibility and budget Management Act 2003 (FRBM Act) as Part of financial bill 2012.

Concept of effective revenue deficit and medical term expenditure framework ‘statement are two important features of amendments to FRBM Act in the direction of expenditure reform