New Delhi: Finance Minister Pranab Mukherjee presented the budget for 2012-13 on Friday against the background of a sharp slowdown in growth, deteriorating fiscal conditions, continuing inflationary pressure and political turbulence.
This will be the seventh time Pranab Mukherjee will present the budget in the Lok Sabha, the second highest number of time for no financial minister. Pranab was presented budgets for three consecutive years in early 1980.
The maximum number of 10 budgets were presented by former Prime Minister Morarji Desai. He held the finance portfolio from 1959-64, 1967-70 and between 1977 and 1979.
Pranab faces a huge challenge to revive economic growth, which slowed in the last six quarters.
The country's gross domestic product (GDP) growth fell to three-year low of 6.1 percent in the third quarter of the current financial year. It was recorded 7.7 per cent in the first quarter and 6.9 percent in the second quarter of the current fiscal.
According to the Central Statistical Organisation data, economic growth is expected to fall to 6.9 percent for the fiscal ending March 31, against the budget target of around nine per cent.
The Economic Survey, which was introduced in Parliament on Thursday, projected economic growth at 7.6 per cent for 2012-13 and 8.6 percent for 2013-14.
Fiscal situation worsened this year. Fiscal deficit is projected to increase to 5.6 percent of GDP as against the budgetary target of 4.6 per cent.
Despite the recent moderation, inflationary pressure continues and the Reserve Bank of India said in its mid-quarter review Thursday that it would resurface if the government does not control their spending.
The survey, presented a day before the annual budget, said inflation will remain in the range of 6.5-7 percent by the end of March.
However, he said that fiscal consolidation was the only way to keep inflation down.
This will be the seventh time Pranab Mukherjee will present the budget in the Lok Sabha, the second highest number of time for no financial minister. Pranab was presented budgets for three consecutive years in early 1980.
The maximum number of 10 budgets were presented by former Prime Minister Morarji Desai. He held the finance portfolio from 1959-64, 1967-70 and between 1977 and 1979.
Pranab faces a huge challenge to revive economic growth, which slowed in the last six quarters.
The country's gross domestic product (GDP) growth fell to three-year low of 6.1 percent in the third quarter of the current financial year. It was recorded 7.7 per cent in the first quarter and 6.9 percent in the second quarter of the current fiscal.
According to the Central Statistical Organisation data, economic growth is expected to fall to 6.9 percent for the fiscal ending March 31, against the budget target of around nine per cent.
The Economic Survey, which was introduced in Parliament on Thursday, projected economic growth at 7.6 per cent for 2012-13 and 8.6 percent for 2013-14.
Fiscal situation worsened this year. Fiscal deficit is projected to increase to 5.6 percent of GDP as against the budgetary target of 4.6 per cent.
Despite the recent moderation, inflationary pressure continues and the Reserve Bank of India said in its mid-quarter review Thursday that it would resurface if the government does not control their spending.
The survey, presented a day before the annual budget, said inflation will remain in the range of 6.5-7 percent by the end of March.
However, he said that fiscal consolidation was the only way to keep inflation down.
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