Finance Minister Arun Jaitley is set to present General Budget for the next fiscal today amid worries over the country's stagnating growth rate, government finances and direction of reforms.
Certain steps like extending benefit of interest subsidy schemes to more sectors to boost exports is likely to be announced in the Budget. It may also look into the demands of Special Economic Zone, SEZ players who have sought reduction or even removing the minimum alternative tax.
Noting the challenge posed by a global slowdown, the Economic Survey 2015-16 tabled in Pparliament by Jaitley on Friday lowered the economic growth forecast for the current fiscal to 7.6 percent -- from the previously projected 8.1-8.5 percent range -- mainly because of lower agricultural output due to deficit rainfall.
"The coming year is expected to be a challenging one from the fiscal point of view because of challenges posed by a lower-than-projected nominal GDP growth," said the survey.