Finance Minister Arun Jaitley reportedly sent a strong signal that the July 10 announcement would shun populism.
"India has to make a choice between mindless populism and fiscal prudence...Opportunity to grow comes with challenges,"Jaitley reported.
The next week will reveal whether he walks the talk as far as presenting a pragmatic budget is concerned.
Jaitley indicated that the government could soften its tax administration that is blamed for undermining India's business environment, stated reports.
Earlier Prime Minister Narendra Modi warned of tough measures to improve country's financial health.
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