Budget 2012: Congress terms it balanced, TMC calls it 'status-quoist'

Congress ministers on Friday hailed the General Budget as "balanced, thoughtful and forward looking" which would lay the foundation for fiscal consolidation but ally Trinamool Congress dismissed it as "status-quoist".

"At the end of a difficult year, the finance minister has laid the foundation for fiscal consolidation, reorganisation and growth in this budget and the successive budgets. I am sure in the next three to four years we will be back to the high growth path," Home Minister P Chidambaram told reporters.

Chidambaram, the former Finance Minister, also said, "We should commend the finance minister for deftly traversing through a very difficult year and laying the foundation for the future."

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Defence Minister A K Antony said though he had expected more for his ministry, it is a good budget and maintained that since the finance minister has promised to help where needed, the defence modernisation plans would continue.

"In the present global situation, he has tried his best to present a good budget. On the defence side, even though we were expecting more, I am happy because he has promised whatever is needed for in future he will commit," Antony said.

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On the budget's impact on ongoing modernisation plans of the defence sector, Antony said, "We expect to be able to push all our defence modernisation plans."

Minister of State for Tourism Sultan Ahmed, however, said it is "a status quoist budget". "Na Khushi Na Gum" was his short response when asked to respond to the Union Budget.

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Telecom Minister Kapil Sibal said that it's a difficult year and, hence, the budget is commendable. "Balanced, thoughtful and forward looking" is how he described it.

"The fiscal deficit is 5.9 per cent. It is to going to be brought down to 5.1 per cent. Rs 40,000 crore (Rs 400 billion) is the expectation from the auction of spectrum and Rs 30,000 crore (Rs 300 billion) from disinvestment. This is how fiscal deficit will be brought down," he said.