Indian finance minister Pranab Mukherjee will propose Budget India 2012

Budget India 2012 -2013

 The budget of India will influence Indian and international economy. Budget India reflects economic and social policies of the Indian government. India is an emerging economy that is growing at the fastest pace in the world but China. It is growing at a rate of 8 to 9 percent per annum. Budget India 2012 -2013 Indian Finance minister Pranab Mukherjee will propose the Union Budget of India for the year2012-2013 on March 16th, 2012. Controlling fiscal deficit is the major challenge before him. Union Railway Minister Dinesh Trivedi will present Railway budget on March 13. Indian President Pratibha Patil addressed on March 12 to a joint sitting of Indian parliament to convene the budget session.

I will update this article after Pranab Mukherjee, Finance minister of India will propose budget India 2012  in the Indian parliament (Loksabha). Budget proposals play the most important role in the working of a government. It is not only a financial document but it also reflects the destiny and direction of the government policies. India is a large and diverse country. Expectations of Indian people are diversified. Finance minister of India has to meet political, economic and social expectations of people of India.

 Budget sessions in Indian parliament usually take place in the last week of February. Loksabha, the Lower house of the Indian parliament met and discuss Union budget in these sessions. Finance minister of India normally proposes budget India on the last day of February. However, the Cabinet Committee on Parliamentary Affairs decided to propose it late because of ongoing assembly elections in Uttar Pradesh, Uttaranchal, Punjab, Goa, and Manipur. Parliamentary standing committees will deliberate on the proposals of different ministries after the Budget will be presented. Loksabha will meet again on April 24 and the session will be continued till May 22.

Economic survey Presented before the budget

Economic survey is already presented to Parliament comprise in which Annual Financial Statement, Demand for Grants, Appropriation Bill and Finance Bill are mandated by Article 112, 113, 114(3) and 110(a) of the Constitution of India. Other documents such as Memorandum Explaining the Provisions in the Finance Bill, 2011, Expenditure Budget, Receipts Budget, Budget at a glance, Highlights of Budget and Status of implementation of Announcements made in Finance Minister's Budget Speech of the previous financial year are presented in the economic survey in form of explanatory statements supporting the mandated documents.

These can be used for quick or contextual references and as narrative contents. The documents on Macro-economic framework for the relevant financial year, Fiscal Policy Strategy Statement for the financial year 2012-13 and Medium Term Fiscal Policy Statement are presented as per the provisions of the Fiscal Responsibility and Budget Management Act 2003.

Budget India 2010