Finance Minister P Chidambaram is all set to present Union Budget on Thursday. He will be presenting his eighth Budget in Parliament.
Chidambaram is likely spell out plans to narrow fiscal and current account deficits, which have alarmed ratings agencies. He is expected to announce plans to keep a lid on government spending in fiscal 2013/14.
Chidambaram will be presenting the country's 82nd Budget and his eighth in the Lok Sabha.
Since independence in August 1947, the country has seen 81 budgets, 65 normal annual budgets, 12 interim budgets and four special-occasion budgetary measures, also called mini-budgets.
Chidambaram tabled the Economic Survey 2012-13 on Wednesday, which projected a growth rate of 6.1 percent to 6.7 percent in fiscal 2013-14.
The Economic Survey 2012-13 also predicted that the global economy is likely to recover in 2013 and various government measures will help in improving the Indian economy's outlook for 2013-14.
Following the slowdown induced by the global financial crisis in 2008-09, the Indian economy responded strongly to fiscal and monetary stimulus and achieved a growth rate of 8.6 percent and 9.3 percent respectively in 2009-10 and 2010-11, but due to a combination of both external and domestic factors, the economy decelerated growing at 6.2 percent and an estimated 5 percent in 2011-12 and 2012-13 respectively, Economic Survey added.