GDP expected to grow 6.9 pc

BANGALORE, INDIA: Finance Minister Pranab Mukherjee expected fiscal deficit at 5.1% of the gross domestic product (GDP) for 2013. Though it was on expected lines, the market borrowing amount of Rs 4.79 lakh crore was much higher than expectations.

The fiscal deficit for 2011-12 was projected at Rs 4,13,000 crore. 

Finance minister Pranab Mukherjee has proposed to cut down government's subsidy burden and called for expediting the pace of economic reforms.

Presenting the Union Budget 2012, finance minister Pranab Mukherjee said that: "GST will be implemented in August 2012. There will be a shared platform for registration and returns filing across all states. It's necessary to take some hard decisions. Some subsidies are invetible."

 Highlights:

1.FY12-13 GDP expected to grow 6.9pc

2. Expect inflation to come down shortly

3. FY 13 Focus on domestic demand

4. Nandan Nilekani's recommendation to improve technology in food subsidy accepted

5. Govt to retain 51 pc in PSUs

6. Tax relief for retail

7. Rs 15888 crore allocated for banks

8. Considering 49 pc FDI in airlines

9. FY 13 divestment target Rs 30000 crore

10. GST network to start in August

11. To present new micro Finance Bill

12. Slowdown attributed to slow industrial growth.

13. DTC implementation defereed

14. Companies initiating IPO for Rs 10 cr or more, will be in electronic form