Global
crude oil prices recently rose to their highest level since September
2013. Government's subsidy bill for both urea and fuel will see a rise
as prices of kerosene and cooking gas are administered.
A major push to reviving growth would come from the agricultural sector
and given the threat of sub-normal monsoon, the government would have to
re-calibrate its proposed measures
There is not much room for a tax breather in this budget. For Finance
Minister Arun Jaitley, the challenge is to get an accurate collection
figure from his Income Tax department.
India is projected to grow at 5.5 per cent in FY15 and 6.3 per cent in
FY16 while the global economy is estimated to expand at 2.8 per cent
this fiscal and strengthening to 3.4 per cent next fiscal
The key question is will the government bite the reform bullet for the banking sector in this budget.
Stainless steel flat producers have recently urged the steel ministry to
the increase the import duty to 10 per cent from the current 5 per cent
The BJP, in its election manifesto, has promised to "unbundle" the FCI
into three wings - procurement, storage and distribution, for greater
efficiency.
The Mines Ministry feels that lowering export duty would help the development of mining as an industry.
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