The Indian Minister of Finance, Pranab Mukherjee, presents the annual Union Budget of India in the Parliament.
This year's Union Budget may give top priority to fiscal consolidation, as the government's fiscal deficit is expected to reach the high percentage of 5.6 of the GDP by the end of March 2012. At the start of the financial year 2011-2012 the fiscal deficit was estimated at 4.6 percent of the GDP.
The Union Budget of India is a proposal of the intended revenues and expenditures of India for the coming financial year, which begins on 1 April each year.
The proposal has to be passed by the Parliament before it can come into effect at the start of April.
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