Watch Indian Union Budget 2014 live on AAJ Tak, CNN IBN

July 9, 2014, By S Ranjita

The Indian Finance Minister Arun Jaitley will present his maiden Budget in Parliament today, July 10, 2014 at 10:00 a.m.

There are high hopes from the new government led by Prime Minister Narendra Modi after his Bharatiya Janata Party emerged victories in the recently held Lok Sabha elections.

After three decades a government has been formed in India which has its own majority. Follow the live updates here.

union budget 2014Soon after taking oath, Modi had hinted of tough economic measures to boost the economy. Most of the decisions that the previous UPA government was unable to take due to its coalition problems are expected to be taken up by the Modi government.

The key aspects in which the Finance Mister may focus on in todays budget are raising tax slabs and also hike the annual tax exemption limit.

Reducing duties on gold import is also one of the important decisions that Jaitley might take today. The gold import duties were hiked last year to curb the rising current account deficit.

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The excise duty on cigarettes and tobacco products is expected to be hiked.

There are chances to impose higher tax on those whose earnings are more than Rs 10 crore annually.

Last year during the UPA regime, infrastructure projects worth more than Rs. 6.2 lakh crores were not approved due to red tape and bureaucratic gridlock. This is the highest in the past 18 years.

The 10 important aspects the government will be focusing according to Zee News are 1. A roadmap for growth revival: 2. Fiscal consolidation: 3.Cutting unproductive expenditure: 4. Increasing receipts: 5. Foreign capital: 6.Push to manufacturing sector: 7. Reviving infrastructure: 8. Improve investment climate: 9. Tax relief to middle class.

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