In­dia Bud­get Day

Enterprise - - Contents -

There have been much fo­cused analy­ses on the econ­omy of In­dia in re­cent times, mainly due to an un­par­al­leled eco­nomic boost. On the other hand, much deeper dis­crep­an­cies in the whose time had come. This year, the present fi­nance min­is­ter de­liv­ered a line from Ham­let: I must be cruel, only to be kind. But, ac­cord­ing to ex­perts, in fact, there is very lit­tle in com­mon be­tween the two bud­gets. (Lower House of Par­lia­ment) com­mended the Bud­get 2012 to the house, the fi­nance min­is­ter, Pranab Mukher­jee, posed with the ob­ject at the cen­tre of the money shot from each Bud­get coun­try’s econ­omy have caused a wave of un­cer­tainty. How­ever, a coun­try’s an­nual bud­get re­veals much about its eco­nomic state of af­fairs.

In a par­tic­u­lar com­par­i­son for the In­dian econ­omy, there was one break­through bud­get of 1991 that her­alded In­dia’s re-en­try into the world econ­omy with the then fi­nance min­is­ter and the cur­rent In­dian Prime Min­is­ter Man­mo­han Singh rephras­ing Vic­tor Hugo: a re­formed and con­fi­dent In­dia was an idea The first helped un­leash a twenty year boom, while the sec­ond re­vealed the dys­func­tional po­lit­i­cal abil­ity of the coun­try to sort out the eco­nomic ma­chine. In­vest­ment has slumped and GDP growth has slowed to 6.1 per­cent in the most re­cent quar­ter.

The elab­o­rate cer­e­mony of In­dia’s Bud­get Day, in which the fi­nance min­is­ter for­mally presents the coun­try’s bud­get to Par­lia­ment, is in it­self a gi­ant colo­nial holdover. As the min­is­ters of In­dia’s Lok Sabha Day in In­dia: the leather briefcase. This briefcase con­tains the bud­get.

De­spite the peri­sist­ing eco­nomic prob­lems, In­dia’s Bud­get 2012-13 has been hailed for its fo­cus on agri­cul­ture, em­pha­sis on cre­at­ing an en­abling en­vi­ron­ment for in­dus­trial re­vival, achiev­ing eco­nomic growth of 7.5 per­cent and mea­sures to add vi­brancy to cap­i­tal mar­kets. On the neg­a­tive side, in­crease in ex­cise duty and ser­vice tax has in­vited criticism. Fi­nance Min­is­ter, Pranab Mukher­jee said while growth had been dis­ap­point­ing in the cur­rent fi­nan­cial year, the econ­omy was start­ing to turn around.

He fore­cast an ex­pan­sion of 6.9 per­cent for the cur­rent year and 7.6 per­cent for the next fi­nan­cial year. The fi­nance min­is­ter said the gov­ern­ment would also look to cut sub­si­dies in a bid to re­duce the deficit.

While some an­a­lysts and in­dus­try lead­ers have called the bud­get bal­anced, oth­ers have said that the fi­nance min­is­ter played it safe un­der po­lit­i­cal pres­sure.

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