The General Budget will be presented by Union Finance Minister Pranab Mukherjee on 16 March. Railway Minister Dinesh Trivedi will present the Railway Budget on 14 March. The Economic Survey from 2012- 2013 will be presented 15 March, 2012. The dates of budget session were finalized at a meeting of Cabinet Ministers. This budget may try to nudge entrepreneurs to invest more by unveiling major investor-friendly policies.
At the beginning of the budget session on 12 March, 2012 President of India, Pratibha Patil will address a joint sitting of members of Lok Sabha and Rajya Sabha. “We will be recommending to the President that budget session may be summoned on March 12 and continue up to March 30. Address by the President would be on March 12. Rail budget on March 14 and Union Budget on March 16,” said Parliamentary Affairs Minister Pawan Kumar Bansal. He also said that the second part of the budget session will be held from 24 April to 22 May.
It is speculated that agriculture and allied sectors will witness a growth of 2.5% in 2011-12, when compared to the 7% growth of 2010- 2011. This has been stated by the Advanced Estimates released by the Central Statistical Organisation. In sectors of finance, real estate, insurance and business services, there is likely to be growth of 9.1% against 10.4% seen in the last fiscal.
Mining and quarrying industries could witness a decline of 2.2%, in comparison to a 5% growth witnessed a year ago. In the construction sector, growth is predicted to slip from 8% in 2010- 2011 to 4.8% in 2011- 2012. In the manufacturing sector, growth is likely to drop down to 3.9% from 7.6% last year.
Data shows growth in production of gas, electricity and water and betterment over the current year. It is likely to grow by 8.3% in 2011-12, against the 3% growth of 2010-11. Trade, transport and communication, hotel industries are estimated to show a growth of 11.2% against the growth of 11.1% witnessed last fiscal year. Social, community and personal services are gauged to witness a 5.9% growth, when compared to the 4.5% growth last fiscal.
The GDP growth projection by CSO also stands lower than the forecast of 7% predicted by the RBI. The central bank had stated the figures in the quarterly monetary policy review released last month.
In connection with estimates on Gross Domestic Product growth, Deputy Chairman of Planning Commission, Montek Singh Ahluwalia said, “The 6.9 per cent is consistent with what we have been saying. We said 7 per cent for year (2011-12) as whole. (With) 7.3 per cent in the first half and 6.9 in the third quarter, 7 per cent is possible.”
This year has witnessed a delay in the budget session owing to the assembly elections in 5 states.
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