Finance Minister Arun Jaitley is presenting the General Budget in the Lok Sabha. The budget will set a roadmap of the new government to improve the economy and overall development of country. Our correspondent reports that the Budget is expected to be a tightrope walk for the government which is trying to meet demands for tax sops especially from the middle class and pursuing fiscal prudence to spur investment and growth. There are high hopes from the government that it will raise income tax slabs and also significantly hike the annual tax exemption limit to provide much-needed relief to the salaried class. Tax incentives for industry to boost investment is also likely to be announced besides taking a call on reducing duties on import of gold. The budget could also provide relief to farmers to help them tide over the impact of deficient monsoon. It is expected that the government will pursue the path of fiscal prudence and will not succumb to populism. The Budget may be harsh on smokers as excise duty on cigarettes and tobacco products is likely to go up. In order to provide clarity and improve investor climate for foreign investors, there could be reference to retrospective tax amendment in the Budget.