India’s Budget for the fiscal year b e g i n n i n g April 1, 2012 - the first year of the 12th Five-Year Plan (2012-17) -has had to be framed in an extraordinarily difficult context - a sharp slowdown in economic growth, persisting high inflation, unabated surge in international oil prices and resultant subsidies widening fiscal gaps, and trade and finance spillovers from an uncertain global environment.Adding to complexity are the tensions in polity frustrating efforts so far at consensus-building by the multi-party UPA Government around policies for sound economic management and vibrant advance toward higher growth with inclusiveness as well as global competiveness. It is against this sombre background that the mature Finance Minister, Mr Pranab Mukherjee, has carried out one of the most dexterous exercises in budget-making, designed to bring about a strong economic revival in the new fiscal year with a credible three-year roadmap to reduce subsides and fiscal imbalances.Its successful implementation would further enhance India’s standing in the world economy both as a source of stability for global growth and a safer investment destination. As the Finance Minister noted while presenting the Budget in Lok Sabha on March 16.