Hoban defends ``democratic deficit'' between Parliament and FSA
Treasury financial secretary Mark Hoban has defended the ``democratic deficit'' that exists between Parliament and the FSA.
``The Government of India is scheduled to present the Union Budget for FY12-13 on Mar. 16, 2012. Major challenge for the government will be to maintain the growth momentum, besides controlling fiscal deficit and encouraging capital inflows on the backdrop of lack of investment momentum, subdued tax and non-tax revenue generation along with ballooning subsidy burden. We expect some progress in policy reforms from the budget which may create optimistic sentiment. Full implementation of the Direct Tax Code and the Goods and Services Tax are less likely to be introduced in this budget due to implementation issues. However, positive measures for the rural economy, infrastructure development and educational sectors are likely to continue on the back of 2014 election.