Budget 2014: American Corporate Houses Ready to Pump Money into India

"Now that rates are down and tax treatment is more common across industries, the budget's impact on the economy is less important than the other changes that take place throughout the year, reducing the timeline for projects to break ground, lifting FDI caps, sector regulation, etc.

"The Budget Speech, of course, is expected to highlight many of these reforms the government intends to adopt," Rossow said.

Noting that market sentiments and business mood are positive under the central government led by Prime Minister Modi, President of USA-India Chamber of Commerce Karun Rishi said this is the time to take tough decisions to jumpstart the economic growth and curb inflation.

"There is no magic bullet. Some key growth oriented budget announcements on taxation, FDI, disinvestment, infrastructure and controlling deficit can help shape the fiscal policy direction. Investors like clarity and transparency. The Finance Minister must come out with pragmatic measures to give boost to the economic growth instead of announcing populist measures," Rishi said.

"Substantial allocations should be made towards health. Healthy citizens are the backbone of an economic power. 2014 budget must increase outlay on medical research & development, biotechnology, access to innovative medicines, education and hygiene. Budget must send clear message to boost pharma R&D and make India an innovation hub with global partnerships," he said.

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