News Hour- Union Budget 2012-13: Nobody wants mid-term polls, says Finance Minister Pranab Mukherjee

On pushing fiscal consolidation and cutting subsidies: 

Sometimes, in our multi-party democratic coalition it takes time, but ultimately we shall have to do it. And if we cannot do it, then we shall have to face larger, rather graver consequences. 

On deregulation of diesel prices: 

That is an executive decision, and in last June, we have done it. It is not that we have not done it. Petrol is deregulated. Only diesel, kerosene and LPG are not. But the decision has been taken, it has not been implemented. It is to be implemented. When, how... that I cannot just spell out right now. 

On whether the food subsidy figures mean that the Food Security Act will not be implemented this year: 

I cannot give you the specific time frame. It will depend on the parliamentary standing committee... We shall also have to consult the state chief ministers because they have expressed their views... You have noticed that I will take subsidies down to 2% of GDP for the current year, and, for the next three years, my efforts would be to bring it down to 1.75%. 

On whether the tax amendments were aimed at taxing Vodafone: 

It need not be interpreted in this way... What we are doing (is) we are making the intention of the legislature clear about the taxation on which there was a doubt (and) on the basis of which Supreme Court has given its direction. We are making retrospective clarifications through the Finance Bill. On the higher duty on gold imports: Please remember, almost $40 billion was spent last year on importing gold, next to oil, and this country cannot afford to have that. 

On a figure for black money the government was looking to recover: 

I do not know how much we will recover out of that, but... we have recovered almost Rs 37,000 crore by preventing mis-transfers and by getting voluntary compliance. 

On fears of mid-term elections and whether it was holding back investors: 

Nobody wants elections except some. At least, the major national parties do not want elections... I can assure you, and through you, prospective investors make investment here because this is a safer place compared with any other place.  

(Source- http://economictimes.indiatimes.com/)