Live Commentary: Union Budget 2011-12

Union Budget 2011-12

  • Pranab Mukherjee arrives in Parliament; Cabinet to approve budget before day's session begins
  • Finance Minister Pranab Mukherjee begins presenting the Union Budget 2011-12 speech
  • FM hints at inclusive growth, indicates double-digit growth in the near future
  • Pranab Mukherjee: Food inflation declined in the last year but remains a concern
  • Pranab Mukherjee: Reaching the end of a remarkable fiscal year
  • Pranab Mukherjee: India has returned to pre-crisis growth trajectory
  • Rural economic growth helped India avoid the quagmire of a global meltdown
  • The implementation gaps in the PDS is a big challenge
  • All sectors show growth, service sectors growing in double digits
  • Consumers denied price falls during seasonal changes
  • GDP estimates grew at 8.6% in 2010; 9.6 pct in services, 5.2 % in agriculture sector
  • Corruption is a problem to be fought collectively
  • Weakening governance is an impression that is misplaced
  • Exports grew 29 percent, imports by 17.6 percent
  • FM wants RBI to make more interventions to curtail inflation
  • Wholesale-retail price imbalance unacceptable. Need to improve the distribution system of food and agriculture
  • GST network to be spruced up further
  • Industrial growth seen at 11% in 2011-12
  • GDP to grow 9% in FY 2011-12with outside band of 0.1% to 0.2%
  • New bill to initiate GST, both at central and state levels
  • General Sales Tax (GST) to be simplified
  • Public Debt Management Institute of India to be set up soon
  • Disinvestment momentum to be maintained; target set to 40,000 crores
  • Implement strong IT infrastructure across states for GST
  • FDI policy liberalisation being looked into