Budget 2012: GDP to grow by 7.6 per cent in 2012-13

Finance Minister Pranab Mukherjeet presenting the 2012 Budget on Friday said the GDP to grow by 6.9 per cent in 2011-12.

GDP to grow by 7.6 per cent in 2012-13; plus, minus 0.25 per cent. Headline inflation to moderate further in next few months and remain stable thereafter, he said.

He expects average inflation to be lower next year; expect current account deficit to be lower next year. Have to accelerate the pace of reforms, says Mukherjee.

We have to expedite decisions to improve delivery systems to address problems of black money and corruption, he said.

Economy is now turning around, manufacturing appears to be on revival, said FM.

...

Pilot project for direct transfer of subsidiary for kerosene has been initiated in Alwar, Rajasthan, he said.

Direct Tax Code Bill to be enacted at the earliest, said FM. Government to raise Rs 30,000 crore in 2012-13 from disinvestment of stake in PSUs.

Efforts to arrive at broadbased consensus with state governments on allowing FDI in multibrand retail up to 51 per cent, he said.

More soon...