Budget 2012: A leader to rely on during tough times

It is always a huge challenge to present a budget that meets the expectations and aspirations of a continent-sized country. Pranab Mukherjee has shown pragmatism in presenting Budget 2012 by setting long-term development goals that will strengthen and sustain India’s growth. He has struck a fine balance between fiscal consolidation and strengthening India’s macro-economic fundamentals.
The finance minister has to steer the country’s economy in one of the most turbulent periods in the world’s economic history. During this period beset by two global financial crises, India’s average growth rate in the last five years has been over 7.9 %, something we should all be proud of. This is a result of outstanding economic leadership, strong macro-economic fundamentals and our resilience as a nation.
India’s growth rate of 7.6 %, anticipated in the year 2012-13, will be on par or even slightly ahead of China’s—for the first time in almost three decades. This is a seminal achievement.
The policy of the government in broadbasing growth to larger sections of the population through a slew of measures aimed at either improving livelihood opportunities or stepping up social welfare measures has been taken forward in this budget. It provides significant incentives for affordable housing that will fulfil the aspirations of millions of Indians. Incentives for increasing agricultural productivity and post-harvest facilities will provide additional growth impetus to this sector.
The increased outlay to cover an additional 40 crore people from the current 20 crore—to a total of 60 crore—under UID-Aadhar is an important step in the government’s decision to use this for a myriad of services.
The finance minister clearly articulated the need for subsidies to be provided in a targeted manner. The mobile-based Fertiliser Management System being rolled out nationwide for end-to-end information on movement of fertilisers and subsidies is an important step in this direction.
The global integration of our economy is clearly on a sustained growth path. Global trade today accounts for over 50% of our GDP, and our exports continue to grow at a healthy level. This is a testimony to the increased economic clout that our nation enjoys as well as the competitiveness of our businesses.
All in all, this is a budget that will enhance, sustain and broadbase India’s growth potential in the long term.
Budget 2012
Budget News 2012