New Delhi, Feb 29: Union Finance Minister P Chidambaram will unveil the much-awaited General Budget for the next fiscal today. After a widely accepted Rail Budget, it is likely that the Finance Minister will come out with a please-all budget.
Political analysts believe that as this would be the last full budget of the United Progressive Alliance (UPA) Government, Chidambaram can give relief to almost all section and segment of the society. It is expected that farmers of the country, who are facing agrarian crisis will get a sigh of relief from the General Budget 2008-09. It also likely that as there was a jump in tax collections, Chidambaram may announce personal and corporate income tax cuts, excise duty relief and simplification of taxes and massive funds for farm, rural employment and other social projects.
The Economic Survey that was tabled by Chidambaram in the Lok Sabha today has projected fiscal deficit to be further pruned to three per cent in the next fiscal. After presenting the survey, Chidambaram has expressed confidence that a average GDP growth of 9 per cent can be achieved during the Eleventh Five year Plan.