FM Pranab Mukherjee presents Budget 2012-13 as Prime Minister Manmohan Singh looks on.
"The finance minister has laid the foundation for fiscal consolidation, reorganisation and growth in this budget
and successive budgets. I am sure in the next three to four years we will be back to the high growth path," home minister P Chidambaram said.
Congress spokesman Manish Tiwari echoed the minister's views, saying the finance minister has presented a "very balanced and serious budget" and given some concessions despite tough international economic conditions.
"I think in a very fluid international economic situation, the budget has built upon the fundamentals of the Indian economy and has endeavoured to provide a thrust to those areas which can return India to a very high growth trajectory," he said.
But at the same time the party is worried that it might lead to further rise in prices. Congress president Sonia Gandhi had already acknowledged that price rise was one of the factors for the party's drubbing in the recent assembly elections.
Defence minister AK Antony said he had expected more for his ministry but maintained the defence modernisation plans would continue.
"He has promised to help where needed," Antony said.