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Approach to Indian Budget 2012-13- Shri Pranab Mukherjee, Minister of Finance- March 16, 2012


APPROACH TO THE INDIAN BUDGET

* For Indian economy, recovery was interrupted this year due to intensification of debt crises in Euro zone, political turmoil in Middle East, rise in crude oil price and earthquake in Japan.

* GDP is estimated to grow by 6.9 per cent in 2011-12, after having grown at 8.4 per cent in preceding two years.

* India however remains front runner in economic growth in any cross-country comparison.

* Monetary and fiscal policy response for better part of past 2 years aimed at taming domestic inflationary pressure.

* Growth moderated and fiscal balance deteriorated due to tight monetary policy and expanded outlays.

* Indicators suggest that economy is turning around as core sectors and manufacturing show signs of recovery.

* At this juncture, it is necessary to take hard decision to improve macroeconomic environment and strengthen domestic growth drivers.

* Twelfth Five Year Plan to be launched with the aim of "faster, sustainable and more inclusive growth". Five objectives identified to be addressed effectively in ensuing fiscal year.

* If India can build on its economic strength, it can be a source of stability for world economy and a safe destination for restless global capital.












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