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The last day of February 2013 will be a red letter day in India, as the Union Government gets ready to present the budget live. Live budget news is expected to hog the limelight be closely tracked by every Indian. The government is expected to present a responsible budget to bring the Indian economy out of the current quagmire. Weak rate of economic growth, the persistent problem of twin deficits, subdued industrial production, inflationary headwinds and weak monsoon are the key issues weighing on the economy. This is a gruesome situation and calls for a budget that is based on fiscal prudence. While, the government has taken steps to plug the fiscal deficit by raising railway fare and partial decontrolling of the fuel prices, it is yet to achieve a comfortable position. Policies to promote FDI in retail and aviation and postponement of the implementation of general anti-avoidance rules have brought about positivity, however, the real results are yet to be seen. Surging oil and gold imports and slowdown in exports have led the current account deficit in India as a percentage of the GDP to grow to 5.4% for Q2 2012-2013. The Government has now set the target to hold the fiscal deficit at 5.3% of the GDP and adopt strong expenditure minimization and revenue maximization measures. In the upcoming budget, the Finance Minister, Mr. P. Chidambaram plans to raise more than Rs 5.05 lakh crores this year as indirect taxes. Meanwhile, revision of personal income tax slabs and new direct taxation policies are also likely to be considered. Fiscal policies to give a boost to infrastructure sector with prudent treatment of tax holidays and incentives are also crucial. Market also wishes more regulation and transparency for the real estate sector, to bring about more efficiency. Decision related to the outcome of securities transaction tax (STT) and short term capital gains tax will also be keenly watched by the capital markets. Citizens will aim at getting every detail of the union budget live updates and closely follow the latest finance news. The live budget news is sure to capture the centre stage on the budget day. Read more about- commodities trading, Savings Interest Rates in India
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