Jaitley also promised early introduction of the pan-India goods and services tax, while assuring the domestic and global investment community of predictability in the tax regime to restore confidence about the country's prospects.

The budget for current fiscal comes against the backdrop of the Economic Survey 2013-14, the annual report card on the state of the nation, which has termed inflation-control, job creation and pushing growth as the three main challenges, while calling for a fresh dose of reforms.

Expectations have been high from the budget after Modi came to power with a landslide victory in the general elections, mainly on the promise of ushering in happy days for India's 1.2 billion people by creating more jobs, providing relief from price rise and reviving growth.