• India's budget for 2012/13 should send a credible signal on fiscal consolidation by reforming the petroleum subsidy, Montek Singh Ahluwalia, deputy chairman of India's planning commission, said in an interview.
  • The government is expected to present a budget in mid-March for the fiscal year that begins on April 1, amid slowing economic growth and mounting concerns about public finances.
  •  The original estimate for the fuel subsidy bill for this fiscal year was 236 billion rupees, but it is already 300 billion rupees more than that figure. 
  • Fertilizer subsidies are set to top 900 billion rupees, against about 500 billion rupees originally budgeted.
  • The danger about the petroleum subsidy is that it is an uncapped subsidy," Ahluwalia said. 
  • The rising subsidy bill has compelled New Delhi to seek parliament's approval for spending 978 billion rupees extra this year.