This is what India wants from Budget this February

Union Budget will be rolling out on February 1st and Indians are teeming with expectations. With just three weeks to go before the Union Budget 2017-18, Indians have suggested Finance Ministry to put more focus on farmers and on sectors, which can create more jobs. Yes, Indians want job creation.

Recently, Finance Ministry conducted a poll on Twitter and asked the users to suggest sectors that need more focus, as well as areas which they feel can create more jobs.

The Twitterati has so far voted for increased focus on the agriculture sector, followed by youth, underprivileged and on women and children. The poll is open for three more days.

The rural economy is crucial for India, as over 50 per cent of rural households depend on agriculture as their prime means of livelihood.

According to most of the analysts, the forthcoming budget will focus more on lifting the rural economy, which got hit badly by the demonetisation drive. Companies focused on the agricultural sector are likely to hog the limelight in the forthcoming budget, experts said.

"The agricultural sector is likely to attract more attention of the government. Agro-based companies could possibly remain in the forefront of recognition as far investors are concerned,” Deven Choksey, KR Choksey Securities, told ET.

However, too many interest subvention schemes or loan waiver could strain fiscal deficit, which might disappoint analysts as well as global rating agencies. The fiscal deficit target for 2016-17 is Rs 5.34 lakh crore, or 3.5 per cent of gross domestic product.

For next year, the government could keep the target at 3.5 per cent.

"The budget may fix a fiscal deficit target of 3.5 per cent of GDP for 2017-18, relaxing the 3 per cent target set earlier in order to support growth,” BofA-ML said in report.

Another question that the Finance Ministry asked was which area should be given priority for employment generation.

The micro-small and medium enterprises (MSMEs) sector has got the maximum vote share so far, followed by low-cost housing, automobile & spare parts and garmenting.