Precautionary and supporting measures have to be conceived and developed to prevent potential disruptions during the millennium date change. The Governing Council of the European Central Bank already decided early this year that the TARGET system will be closed on December 31, 1999.
The budgetary initiatives in 2011–12 indicate further progress towards it, while giving due importance to the objectives of removing structural constraints, promoting infrastructure investment and strengthening the earlier policy initiatives towards inclusive growth. However, a potential increase in the subsidies on petroleum products and fertilizers as a result of high crude prices could put pressure on expenditure.