Budget 2012: Why Pranab Mukherjee is more tensed this year

Days ahead of presenting the Union Budget 2012, Finance Minister Pranab Mukherjee asserted that the worst phase of economic slowdown is over and India can achieve double digit growth.


India is likely to clock a GDP growth rate of 6.9 per cent this fiscal against 8.4 per cent last year due to the global economic situation, including the Eurozone crisis coupled with domestic factors, like high interest rate.

Mukherjee will be presenting the Budget 2012-13 on March 16 amid slowing economic growth.

Referring to the euro zone problems, Mukherjee that the "due to the crisis, there is an effect on the exports, the foreign direct investment is restrained. Because of the domestic crisis, European financial institutions have withdrawn their money from the Indian market".


Finance Minister Pranab Mukherjee recently said subsidies were giving him sleepless nights. He later said the comment was made in a lighter vein, but there is no doubt that his budget for the year has gone awry.