All eyes on Arun Jaitley General Budget

The task is challenging as the Economic Survey 2015-16 predicted that in 2016-17, India will grow more or less at the same pace as in the current fiscal or even lower.

The report, written by economic adviser Arvind Subramanian, said that “credibility and optimality” argued in favour of sticking to next year’s deficit target of 3.5 percent of GDP but left room for an upward revision.

Expecting to get a relaxation on the taxation, Shivesh Kumar, a banker said “We expect to get relieved of the additional taxes which have been imposed on the common man. The prices of pulses have sky rocketed, I feel the Finance Minister should have some plans to curb rising prices”. “The slab of the income tax must be increased; the present structure is very narrow”, he added.

The lowering of corporate tax rate will be accompanied by a roadmap to phase out exemptions.

New Delhi- India requires competitive tax rates to become an attractive manufacturing destination, which will help create jobs and boost economic growth, Finance Minister Arun Jaitley said on Wednesday.

Service Tax, raised to 14.5 per cent past year, may see a hike to prepare for the level of 18 per cent being envisaged in the GST. In the event the government decides to increase spending, it would be a challenge to ensure that the funds are channelized into capital investments. The National Rural Employment Guarantee Scheme, which was played down in the last Budget along with health, education and social welfare schemes, will benefit dalits, who form 41 per cent of the agricultural workforce, with Scheduled Tribes slightly lower. He is due to present the budget at 11am, after a quick meeting of the cabinet.