India Budget Day
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.