Finance Minister Pranab Mukherjee begins Union Budget speech

Finance Minister Pranab Mukherjee began the UPA government's seventh Union Budget speech, in the backdrop of slowing growth and mounting fiscal deficit.

Commentators and analysts have been debating whether the finance minister will undertake  big ticket reforms that could be an economic game changer or will political compulsions force him to go for a diluted, politically safe budget.

It remains to be seen whether the finance minister will change the income tax slabs, change the saving exemption limit, raise indirect taxes and cut subsidies.

Economic grwoth has slowed down and so it will be a tough task for the Finance Minister.

Chief Economic Advisor Kaushik Basu, who presented the Economic Survey on Thursday, said the Indian economy has some fundamental strengths, but a few reforms are really needed.