Union Finance Minister P Chidambaram on Thursday called the policy decisions of the central government to correct some prices and review of certain tax policies as "a dose of bitter medicine".
Presenting the General Budget 2013-14 in Lok Sabha on Thursday, Chidambaram said, faced with a huge fiscal deficit, the government had no choice but to rationalize expenditure.
He said that the government took some policy decisions that had been deferred for too long and undertook a review of certain tax policies.
The Finance Minister stated that in the Budget for 2012-13, the estimate of Plan Expenditure was too ambitious and the estimate of non-Plan Expenditure was too conservative.
He said that the government retrieved some economic space and used that economic space to advance the government's socio-economic objectives.