Govt to allocate agri Budget after July 15

New Delhi: Here is the latest on what you could expect in the Union Budget this year. Sources in the Finance Ministry say that the Government is likely to wait till July 15, with an eye on the monsoons' progress before they decide on further agriculture allocation.

Sources also say that the Budget is unlikely to give any extra allocation on account of deficient rain.

The Government is however likely to speed up the disbursement of existing agriculture loans.

The Governemnt will also try and ensure that the fiscal deficit for financial year 2009-10 is kept under 6 per cent.

The banking industry is meanwhile, hoping for some respite this Budget.

MD and CEO, ICICI Lombard, Bhargav Dasgupta says, "The Finance Minister should remove differential taxation between general and life insurance sector this Budget."