What would it be, a lofty budget or an idea of realistic goals?

"Reforms" has been the buzzword for the most awaited economic event called the Union Budget 2015 of the Narendra Modi-led NDA government. But with the Economic Survey ruling out 'Big Bang reforms' championing a more measured approach, today's Budget is unlikely to meet the hyped-up expectations of the people, no matter how good it is. 

The Economic Survey, yesterday, rightly pointed out at the anomalies in the Indian Economy but was low of finding answers. It agreed that subsidies aren't fully serving their purpose of reaching the poor but talked less about finding answers to it. 

Yes, the growth rates for the next fiscal are pointing at over 8% of GDP but industry and analysts don't seem very amused. Even the government pointed out that with highly leveraged balance-sheets it is difficult for the private sector to up its investments and boost India's growth. Therefore, public investment, in the near term is seen as the key to maintain growth momentum.  However, to increase public investment, the government has to make sure that the money is used for growth and  not towards subsidies. 

The recent fall in oil prices is a cushion as the subsidies bill will fall by one-fifth but geopolitical events are known to turn suddenly. Keeping that in mind, focusing on oil prices that aren't in anyone's control isn't a good idea.  Even on the fiscal consolidation path, that the Finance Minister Arun Jaitley has been talking about a lot in the past, the Economic Survey said the process will happen but in a "limited way". 

If anything, the Economic Survey has laid the foundation for a budget that is more measured, focused on goals that are short- and near-term than the lofty ideas that were presented to the nation during the election campaign of last year.  Although, politicians are known to backtrack on election promises after winning them, but Narendra Modi's credibility lies in today's Budget announcement. 

In the name of reforms, people are ready to bite the bullet but whether the government will give the bitter pill remains to be seen.  Income-Tax has always been a touchy issue and whether Arun Jaitley will look to bring more Indians in the ambit of income tax and better the 'only 3% Indians pay income tax' record looks unlikely. 

The only major reform that can be expected from this Budget is Goods and Services Tax (GST). In the Economic Survey, the government noted that the far-reaching recommendations of the 14th Finance Commission, including the one about share more central taxes with state governments will  help smoothen out the road for implementation of GST. 

Therefore, after promises giant leaps, this government is looking to reset towards shorter but hopefully quicker steps.  In clearly what is one of the most important budgets of India, what that famed briefcase of Jaitley will spew out is becoming less of a secret with each passing minute.