(Image source from: 10 things to expect from the budget this time})

When government changes, so does priorities. That said, when the Union doles out a budget right after the general elections, more often than not, it' big on announcements and cramped on reality. Blame it on the paucity of time between election results and budget day for the leaders to be able to comprehensively understand the contours and propose a change or their naivetes with their own ministries, the truth is that these big budgets often skimp on real changes in allocations and priorities.

With the budget due for 10 July, we wonder how different things would be this time around? Will it mimic P Chidambaram interim budget presented on 17 February, with minor tweaks in medium-term policy goals? Or will the budget proposals be largely tweaked versions of the last UPA budget?

Here are a few things to look forward to in Arun Jaitley's budget:

#1: Negligible changes in the minimum tax-free bracket (Rs 2 lakh now) to reflect higher inflation.
#2: Changes and increases in the 80C savings limit to improve savings.
#3: Special tax breaks for industry to encourage investments, including possible quicker depreciation.
#4: Trashing some centrally-sponsored schemes and transfer of the resources to states.
#5: A rehash of Chidambaram’s fiscal deficit numbers so that the burden of lowering it this year is eased.
#6: A higher disinvestment target.
#7: Minor changes in indirect taxes – both excise and customs.
#8: A new deadline for the implementation of the goods and services tax (GST).
#9: Announcement of a new Direct Taxes Code effective from 1 April 2015 – with details to come later.
#10: Higher allocations to education, skill-building, health, and urban schemes.

All said and done, Jaitley's budget will probably be a restatement on Chidambaram’s underlying budget as he did not get enough time to modify things.

The hike in railway fares and freight last week – originally proposed by the UPA government – is enough testimony that NDA’s first budget math will be inspired from the UPA.

Given the dearth of time, Jaitley is likely to do what Chidambaram did in 2004 — make big announcements in directional change in the Union budget 2014-2015, but small changes in the actual budget numbers.

AW: Suchorita Choudhury