The Indian economy is expected to grow at 6.9 percent in the 2011-12 fiscal year ending March this year, down from the 8.4 percent of the previous fiscal, said Indian Finance Minister Pranab Mukherjee Friday when presenting the 2012-13 Federal Budget to the Indian Parliament. Calling the passing fiscal year one of “disrupted recovery”, the finance minister said it is time to make “hard decisions” to accelerate pace of reform. But he expressed confidence that there are signs within sight that economy of India is turning around from recession. Mukherjee also promised to cut subsidies, push investment and recast the entire tax regime.
