The first Budget of the Narendra Modi Government is expected to bring back investor confidence. Union Finance Minister Arun Jaitley will begin budget meetings with Ministry officials today, according to a media report.
Jaitley may present the full Budget in the first fortnight of July. The Government has to complete the entire Budget exercise by July 31, the report added.
Relaxation of the Foreign Direct Investment (FDI) regime for various sectors, including Defence; a new timeline for the Goods and Services Tax (GST); clarity on retrospective taxation, and measures to boost the primary market are expected to be part of the Budget.
In its manifesto, the BJP has promised to strengthen the Defence Research and Development Organisation, while encouraging private sector participation and investment in the sector, including FDI in select defence industries.
Last week, Jaitley in a meeting with revenue secretary Rajiv Takru on Thursday reviewed the progress on rollout of GST.
Jaitely will separately meet the ministers of Madhya Pradesh and Gujarat to discuss issues related to fiscal autonomy and revenue loss. The finance ministry may also make provisions in the upcoming Budget for adequately compensating the states for the losses they made due to reduction in Central Sales Tax (CST).
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