FM to present Budget in Parliament today

New Delhi: Finance Minister Pranab Mukherjee will on Monday unveil the much-awaited Budget for 2009-10. This time the expectations are particularly high as there could be a Budget that pushes reform in a manner that we haven't seen in decades.

The UPA government will have to balance conflicting objectives of spurring growth and reining in a soaring fiscal deficit when it presents its Budget.

India's fiscal deficit has risen sharply in recent years on loan waivers for poor farmers, subsidies and stimulus packages to boost the economy. This year's Budget is of special significance as India reels under the impact of a global recession.

What will define Budget '09:

Revival of the economy

Need to reduce fiscal deficit and still keep taxes simple

Push in social spending and infrastructure

Push items like disinvestments, FDI

What common man will be looking for:

Tax cuts as part of another stimulus

Extension and strengthening of the NREGA

 Introduction of food coupons for poor

The industry wishlist will include:

Scrap surcharges, CESS

Phase out taxes such as FBT

Road map to Goods and Services Tax

Change and reform the subsidy system