Budget 2012: Finance Ministry asks financial advisors to stay in Delhi till Budget

As countdown begins for the Budget 2012-13, the Finance Ministry asked all the financial advisors to stay in Delhi till its presentation by Finance Minister Pranab Mukherjee on March 16.

"In view of the fact that the Union Budget for 2012-13 is to be presented on March 16, 2012, the financial advisors are advised to remain in the station and defer any plans or leave till the presentation of the Budget," the Finance Ministry statement said.

The Budget session, which normally commences in the third week of February, will start on March 12 with President Pratibha Patil addressing the joint sitting of members of both Houses of Parliament.

For Mukherjee, who will be presenting his fifth Budget in a row (including one interim Budget in 2009), a tough task is at hand as he will have to address concerns over falling growth rate, rising subsidy bill and volatile stock markets.

He will be expected to initiate steps to ensure that inflation, which has remained near double digits throughout 2011, stays within the comfort zone of 5-6 per cent.

The economic growth, according to estimates, will moderate to 6.9 per cent in 2011-12 from 8.4 per cent a year ago.

The other major challenge before the minister would be contain fiscal deficit which is likely to exceed the Budget estimate of 4.6 per cent of the Gross Domestic Product (GDP) in 2011-12 on account of rising subsidy bill driven mainly by high prices of crude oil in the international market.

The Budget session has been delayed this time due to the ongoing Assembly elections in five states, including Uttar Pradesh. Election results will be announced on March 6.  (PTI)