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Expectations from Union Budget 2012–Task & Responsibilities

The Union Budget for financial year 2012-13 will be unveiled in the lower house of the Parliament on March 16, unlike on the last working day of February due to the ongoing Assembly polls in five states, which will be completed on March 6, 2012.  Union Budget is the most important annual ritual of the government in the economic sphere, and every government tries its best to clear overall economic strategy in this document. The Budget is always preceded by an Economic Survey, which outlines the broad direction of the budget and the economic performance of the country, which is scheduled to be presented on March 15 this year.

The Budget 2012 will be critical for the UPA government as it has to strike a balance between fiscal consolidation and spending while maintaining complete growth. Besides opening of reforms and measures’ such as further liberalization of FDI in some sectors, mining sector reforms and easing of procedurals conducive to investment, undertaking steps to ensure speedy implementation of the key policies already announced would aid in reassuring that the government remains committed in uplifting the pace of growth of the economy.

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