Budget will bring economy back on track: Pranab
Posted on: 02:18 PM IST Mar 16, 2012
New Delhi: After presenting the Budget 2012 in Parliament, Finance Minister Pranab Mukherjee said that the Budget presented by him was one for growth with stability on the price front.
In an interview with Lok Sabha TV, Pranab said that the primary concern of the Budget was how to bring back growth. "Our aim was to bring the economy back on track and focus on how to moderate double-digit inflation and fiscal consolidation," Pranab said.
"I have given clear indications for coming back on the growth trajectory," he added.
He also said that the Budget was aimed at enhancing the purchasing power of those in rural areas to increase demand.
Defending the increase in service tax, Pranab said, "Service tax is contributing substantially to the GDP."
Talking about the world economy, Pranab said, "There is no solution of the eurozone crisis in the near future. The recovery of USA has begun, but its halting and fragile."
Talking about Good and Services Tax, Pranab said, "There has been progress on GST, more areas need to be covered. States are fully convinced on the need for GST."
The Finance Minister also called for support from Opposition parties and support from state governments on GST. He, however, did not put a time-frame on the implementation of GST.