Union Finance Minister Pranab Mukharjee presented the union budget 2012-13 in the parliament on 16 March 2012. The minister in his budget speech, projected the economic growth for 2012-13 to be 7.6%.  The total tax receipts for fiscal year 2012-13 is estimated to be 1077612 crore rupees, the total budget expenditure is projected to be 1490925 crore rupees. Budgetary allocations for various sectors including education, health, agriculture, defense, has received a reasonable increase.

Highlights of Budget Estimates 2012-13:

•    Gross Tax Receipts estimated at 1077612 crore rupees.
•    Net Tax to Centre estimated at 771071 crore rupees.
•    Non-tax Revenue Receipts estimated at 164614 crore rupees.
•    Non-debt Capital Receipts estimated at 41650 crore rupees.
•    Total expenditure for 2012-13 budgeted at 1490925 crore rupees.
•    Plan expenditure for 2012-13 at 521025 crore rupees is 18 per cent higher than Budget Estimate of 2011-12.
•    Non-plan expenditure estimated at 969900 crore rupees.
•    365216 crore rupees estimated to be transferred to States.
•    Fiscal deficit at 5.1 per cent of GDP in Budget Estimate 2012-13.
•    Net market borrowing required to finance the deficit to be 4.79 lakh crore rupees in 2012-13.
•   Central Government debt at 45.5 per cent of GDP in 2012-13 as compared to Thirteenth Finance Commission target of 50.5 per cent.
•    Effective Revenue Deficit to be 1.8 per cent of GDP in 2012-13.