Presented by Aratrika Ghosh Kanika Bhushan Anubha Singh Raj Kumar Vishal Bisht Priyadarshini

WHAT IS UNION BUDGET?

The Union Budget of India, referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget has to be passed by the House before it can come into effect on April 1, the start of India's financial year. The Union Budget of India for 2012 - 2013 was presented by Pranab Mukherjee, the Finance Minister of India on 16th March 2012 ,this was the 7th budget of his career.

UNION BUDGET 2012-2013

Budget identifies 5 objectives

Growth Recovery

Private Investment
Supply Bottlenecks Malnutrition Governance matters

UNION BUDGET 2012-2013

Rajiv Gandhi Equity Saving Scheme (RGESS): To allow income tax deduction to retail investors on investing in equities. Rs. 15,888 crore to be provided for capitalization of public sector banks and financial institutions. Target for agriculture credit raised to Rs. 5,75,000 crore. National Mission on Food Processing to be started in cooperation with State Governments. White Paper on Black Money to be laid in the current session of parliament. Income Tax exemption limit raised from Rs. 1,80,000 to Rs. 2,00,000.

EXPECT POLICY REFORMS TO IMPROVE THE SUSTAINABLE GROWTH SITUATION

FISCAL CONSOLIDATION TO REVIVE THE SUSTAINABLE GROWTH MOMENTUM

POSITIVE HOPE OF STIMULATING SUSTAINABLE GROWTH

CONCLUSION

Functionally there are no problems with the budget 2012-13, but it certainly did not meet the expectations that India had with it.
However, it would appreciate that a single budget speech cannot solve our problems nor is the union budget.