Here's a quick glimpse of India's FY13/14 Union Budget

3 important details you should note.

According to DBS, the FY13/14 Union Budget will be unveiled and marks the last for the current political term ahead of general elections in May 2014. 

Some aspects of the Budget that will be important are, firstly, extent of deviation in the fiscal deficit for FY12/13 from the targeted 5.3% of GDP and projections for the year ahead.

Here's more from DBS:

GDP and inflation estimates for FY13/14 will also generate some interest. Secondly, introduction of new revenue-generating measures, possibly higher excise taxes, a timeline for GST and import duties on gold, push to raise divestment receipts, amongst others, could be on tap.

Finally, further adjustment in subsidies to better reflect international prices (and curb the growing current account deficit), couldalso be a part of the plan.

Overall, it is important to gauge whether the budget in its entirety points in the direction of austerity or disappoints with populist undertones.

On a related note, newswires reported that the government might set FY13/14 gross market borrowings at record INR 6trn up from budgeted INR 5.7trn this year.

Confirmation of the latter could put renewed pressure on the currency/financial markets and would raise risks of a rating downgrade.