 "Budget 2012 must strike a balance between revenue and expenditure")
Making ends meet is the biggest challenge facing the finance minister, come 16 March.
After the UP election debacle of the Congress, the markets are not expecting any dramatic pyrotechnics in the budget, but they do expect the FM to signal a credible path to fiscal consolidation.
Firstpost spoke to several senior economists, and most of them said he needs to work both levers - revenue and expenditure.
In cutting expenditures, the axe must fall on consumption expenditure and non-merit subsidies like diesel and fertiliser, not on productive expenditure like capital investment. So will Pranab Mukherjee bite the bullet on subsidies and expand his tax net?
Here’s what the Firstpost panel of economists thinks he should do.
See more Budget 2012 videos and expert views on Firstpost: Ajay Shah , Rupa Rege Nitsure , Indranil Pan , Ashima Goyal , Jim Walker , DK Joshi , Ajit Ranade , Art Woo .
See more Budget 2012 issue based videos on Firstpost: Subsidies , Fiscal Deficit , Inflation , Taxation .
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 "Rajya Sabha election: Where do parties stand after cross-voting?")
 "What’s the ‘Khalistani’ remark row haunting Bengal’s Sandeshkhali now?")
 "Another jolt for Congress? Are Kamal Nath and his son, Nakul, leaving the party?")