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Budget 2016: In a dampener of sorts for most Indians and foreign investors, a report says Finance Minister Arun Jaitley is not likely to present a game-changer budget on February 29, but is instead expected to unveil a 'run-of-the-mill' budget – the report is by Nomura. With the first two Budgets by PM Narendra Modi's NDA proving not to be outstanding in nature, the third one is widely expected to throw up wide-ranging economic reforms as from next year, the Bharatiya Janata Party (BJP) and its allies in government will be in elections mode and those budgets are generally populist in nature. According to the Japanese financial services major, Budget 2016 will be a tightrope walk for the government especially due to the outgo over 7th Pay Commission (including arrears) and the One Rank One Pension (OROP) scheme. Below are top 5 budget expectations from Nomura: (PTI)<br><a href="https://www.financialexpress.com/article/budget-2016/budget-2016-how-much-will-be-your-income-tax-saving-from-slab-changes-by-arun-jaitley/212528/">Budget 2016: Check out the income tax cheat sheat</a>
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1. Budget 2016: Government may meet its fiscal deficit target of 3.9% of GDP in FY16, but expect slippage to 3.7% of GDP in FY17 owing to the 7th Pay Commission (including arrears) and the One Rank One Pension (OROP) scheme. (Reuters)
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2. Budget 2016: Quality of fiscal consolidation to deteriorate as wages and pensions rise, while budgeted capex moderates. Instead, we expect a step-up in off-balance-sheet financing of infrastructure (via public sector enterprises and the NIIF).(Reuters)
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3. Budget 2016: Net market borrowing in FM Arun Jaitley's budget to rise to Rs 4.8 trillion in FY17 (FY16: INR4.4trn) and gross borrowing to increase to Rs 6.5 trillion in FY17 from Rs 5.85 trillion in FY16. (Reuters)
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4. Budget 2016: FM Arun Jaitley may increase the services tax rate to 16% from 14.5% and a reduction in the corporate tax rate to 29%, from 30%, alongside lower exemptions this budget.(Reuters)
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5. Budget 2016: Other key areas in FM Arun Jaitley's budget are likely to include: (1) boosting rural infrastructure; (2) public sector bank reforms; (3) skilling and employment incentives; and (4) start-up India. (Reuters)
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