Walled in on four sides - by politics, slowing economic growth, high and unrelenting inflation, and inability to balance government spending with revenues - finance minister Pranab Mukherjee had little room for manoeuvre. As a result, Budget 2012 has failed to serve the growing aspirations of India 2012.
Gautam Chikermane reports.
Budget highlights |
Poll: How do you rate Pranab's Budget?
Only the naïve would be overly surprised that Pranab Mukherjee's fifth budget as finance minister in the UPA government lacked a raft of measures that could usher in a wave of new economic reforms.
Coalition politics comes with compulsions that may hinder the UPA.
All eyes will be on Pranab Mukherjee as he presents Budget 2012-13 buffeted by compulsions of coalition politics, a shaky domestic economy and the persisting global economic crisis.
HT reports.
Battle line not yet drawn
India's economic growth will gather speed over the next two years but radical policy changes including foreign investment in multi-brand retail and availability of agricultural land for industry are needed, the Economic Survey said.
HT reports.
For Delhi Police, the budget can be a tool to provide Delhi the much-needed CCTV cover. Citing recent terror attacks, the force has asked finance ministry for an extra R200 crore to install CCTVs at six district courts, Supreme Court, high court and 28 markets.
A day after Trinamool Congress chief Mamata Banerjee demanded sacking of the railway minister, Prime Minister Manmohan Singh today said the government will "consider" replacing Dinesh Trivedi if such a situation develops.
HT reports.
No word with Mamata, haven't resigned yet: Dinesh Trivedi
The sacking of railway minister Dinesh Trivedi by her party chief Mamata Banerjee has raised questions about what happens to the budget he presented in Parliament on Wednesday.
A lack of incentives for attracting private sector capital investment and a fiscal deficit closer to 6% saw the benchmark 30-share Bombay Stock Exchange (BSE) Sensex erase early gains and end down 209 points, or 1.2%, at 17,466 points. Markets
The doubling of customs duties on both gold and platinum, as also on imported jewellery and an expectation of a lower current account deficit helped prop up the rupee on Friday versus the dollar, though analysts said it was a temporary effect that would soon wear off. The rupee closed the day at 50.18 to a dollar, up 20 paise from Thursday's close.
On a day of dramatic developments, TMC tonight sought the removal of railway minister Dinesh Trivedi hours after he proposed a hike in railway passenger fares, plunging the UPA government in an unusual crisis.