High hopes from Budget on reviving sagging economy

Tax payers are hoping for both hike in exemption limit and deductions under Section 80CC of I-T Act

Finance Minister Arun Jaitley will present the Budget in the Lok Sabha on Wednesday amid hopes that the proposals will help revive a slowing economy, hit further by demonetisation of high value currency.

This is the first time the date of presentation has been advanced by nearly a month, even as it will co-opt the railway budget into it, abandoning the practice that was started in 1924.

Individual tax payers are hoping for both a hike in the exemption limit and deductions under Section 80CC of the Income Tax Act, while the industry has sought a further rationalisation of corporate tax, excise and customs duty.

Ahead of the presentation, the markets were on a choppy wicket. The sensitive index (Sensex) of the BSE opened a tad higher at 27669.08 points, against the previous close at 27655.96 points. It then slipped into the negative territory, recoveres and again slipped.

At 10.30 am, the index was quoting at 27,633.39 points, with a loss of 22.57 points or 0.08 per cent. At the National Stock Exchange, the broader Nifty was ruling at 8,550.90 points, with a loss of 10.40 points, or 0.12 per cent.