Union Budget 2013: Can Chidambaram please all sectors?

BANGALORE, INDIA: Even as finance minister P Chidambaram is all set to present Union Budget in the Parliament, there is an element of hope in every sector.

Will he announce plans to narrow India's fiscal deficit? Will he unveil measures to widen the tax net to boost government revenues? Will he reduce government subsidies bill?

There are plenty of questions, which only P Chidambaram can answer. Chidambaram, who will lay out the government's spending priorities for the coming year, has said that he would present a "responsible" budget, given the state of the economy. It will be a difficult year for Chidambaram given the economy projected to expand by 5% this fiscal year which is far under the 7.6% growth projected in last year's budget.

While foreign investors are expecting measures to further open up the market, the Indian industry is hoping for steps to attract foreign investment. Analysts feel the minister must set a growth target and at the same time cut down spending on expensive programmes in order to bring in he right balance.

Watch this space for minute-by-minute updates on Budget.