New Delhi: Despite lack of any bold measures in the Union Budget 2012-13, the government is time and again stressing on the need to take bold decisions for bringing the troubled economy on track. The Prime Minister has also emphasised that bold steps are needed to be taken in order to ensure high economic growth rate. It is considered that after the budget session, the government may take some decisions including petroleum subsidy cut.

During discussion on the President’s address in the Lok Sabha on Monday, the Prime Minister Manmohan Singh talked about the economic challenges and difficulties faced by the country. He conceded that the compulsions of the coalition politics are not letting him take tough decision on economic front. Before taking any decision, he has to take the UPA allies on board. A day before, the Finance Minister had a talk with the India Inc just over the challenges ahead of the economy and told that due to political reasons he was unable to take tough measures in the recently presented General Budget.

The Prime Minister admitted that his government needed to take many bold decisions to achieve the similar growth rates prior to 2008, but for that we need to evolve political consensus in the Parliament. In the next few days when the draft on 12th Plan will be presented by the government, it may contain the government’s future economic policies.

 The Finance Minister Pranab Mukherjee has also said that he will strive to evolve consensus among state governments and political parties on the important economic issues. On broader terms, the government is due to implement price hike on petroleum products, FDI in multi-brand retail and pension reforms. Protest from opposition as well as UPA allies has been witnessed over these issues in the past. On the other hand, there has been constant decline in the GDP growth rates in the recent years.