Union Finance Minister Pranab Mukherjee is set to make a statement in the Parliament on Monday on the Union Budget 2012-13 to quell some of the opposition to the proposals included in the budget that was tabled on March 16 in the parliament.

The FM is to address concerns expressed by UPA allies including Trinamool Congress on issues like FDI in retail and rail fare hike. The government has to discuss major reforms only after consulting with its coalition partners.

Prime Minister Manmohan Singh has said on Friday that the government is committed to delivering faster and sustained growth of between 8 and 9 per cent. The state may be linked to the issue and outline that tough decisions are necessary for achieving strong growth levels.

Meanwhile, Mr. Mukherjee has told the industry leaders in India that the country will not become a no-tax or a low-tax regime. He was responding to the protests from the industry against the decision to amend the Income Tax Act to include tax deals involving overseas companies that own majority stakes in operations or interests in the country.

"I am custodian of the money given by 120 crore people through taxation. Otherwise you will accuse me of not protecting government's right," Mukherjee said. He was speaking at the National Council meeting of business lobby Confederation of Indian Industry in New Delhi on Sunday.