Union Minister for Finance P Chidambaram on Friday will present the General Budget 2008-09 in the Lok Sabha, later he will address a Post-Budget press conference in New Delhi.
Since this will be the last full budget of the UPA government, every segment of the society, including individual taxpayers and corporate, can expect some relief.
The skills of Harvard-educated Chidambaram, who by profession is a lawyer, would be put to test when he rises to present in Lok Sabha the Budget for 2008-09.
With buoyancy in tax collections, Chidambaram is expected to announce bonanza for each constituency through personal and corporate income tax cuts, excise duty relief and simplification of taxes and massive funds for farm, rural employment and other social projects.
Chidambaram, who will be presenting his seventh budget in Parliament, will have a tough time balancing conflicting interests while presenting the Budget.
Railway Minister Lalu Prasad has already presented a populist budget which announced cuts in passenger fares and selective reduction in freight rates, while painting a rosy picture on its earnings.
The Economic Survey, tabled in the Parliament on Thursday, has projected fiscal deficit to be further pruned to three percent in the next fiscal.