Scrapping the colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1 a year ago.
The Prime Minister tried to lower expectations of voter-swaying announcements when he indicated that the Budget may not resort to populism and that it was a myth that the common man wants sop.
Will the Finance Minister fulfil the wishes of the citizens in the last regular budget of the NDA will be best answered on February 1. The Budget 2018 is the fifth Budget of the Modi government, as the Loksabha Elections are going to held in 2019, so people are expecting so much from the Budget 2018 and businessman, farmers, serviceman and other sector is expecting big relief from the Finance Minister.
- The real estate sector is expecting a cut in the GST rate for under-construction projects, whose flats are now taxed at 12 per cent on sale. The Modi government is accused of suppressing farm prices to keep the middle class happy.
Critical areas will be addressing unemployment and farm distress. Economic growth in the fiscal year ending March 31, 2018, may slow to 6.75 per cent and then may rebound to between 7 per cent and 7.5 per cent in the next fiscal, according to Economic Survey 2017-18.
Jaitley may resort to increasing farm sector allocations to an all-time high, with special focus on government procurement to ensure stable rise in the price of farm products.
FOCUS ON RURAL DEVELOPMENT: Govt says that by 2019 every village will be linked with good roads.Toilets, Electricity & internet will also be provided to the villagers.With these key goals. The government usually prepares the budget on assumptions based on the previous year's experiences.
Markets remain nervous after the government's annual economic survey on Monday suggested "a pause" in fiscal consolidation, sending bonds plummeting.
On top of that, there are speculations about the FM revising the income tax slabs.
Also on Jaitley's menu may be upping spending on infrastructure projects like highways and modernisation of railways to boost economic growth that is at a four-year low. We expect the honourable finance minister to announce a specific mechanism to regulate the cost of key raw materials like cement and steel to help the industry produce affordable housing units for the masses.
"A significant positive step toward improving the investment climate would be to further reduce tax uncertainty for multinational companies and institutional investors in India", said USIBC President Nisha Desai Biswal, who was Assistant Secretary of State for South and Central Asian Affairs in the Obama administration.