BENGALURU: The government is now all set to work with it first full-fledged Union Budget. The strategy included in the Union budget impacts a lot on the overall economic policy and on the public life style.

This budget is more important as the expectations are high with a view on rising market rallies. This will be the first real budget after the formation of new Narendra Modi government.

There has been discussion what to include in the budget. It seems like this time it will include issues related to black money and towards rejuvenating growth as the key priorities.

According to Rediff.com, Shankar Acharya, an Indian economist pinpoints four useful distinct areas to be focused in the Budget 2015-2016: Complete Fiscal View, Tax Policies, Expenditures and Reforms. Before going through these distinct areas let’s understand the economic background of this budget:

Economic Conditions: The economic context of the world still remains mute despite of the drop in the oil prices and other products. United States is recovering with its flexible and responsive market strategies and its monetary policies while some countries are still struggling.

Even the growth in gross domestic product (GDP) and industry and trade rates in 2013-14 are still confusing according to the revised reports of National Income estimates that were published on 30 of January this year. This was resulted due to the external finance crisis, high interest rates and also due to slow bank credits.

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