Union Budget 2014-15 will be the new government’s first budget. Current government enjoys rich political capital. In our view this should help it target difficult areas of fiscal consolidation and at the same time revive plan expenditure. Expectations are already high with a wish list that includes roll out plan for GST (Goods & Services Tax), inflation moderation, timelines for Direct Tax Code, significant push to infrastructure projects like DMIC (Delhi Mumbai Industrial Corridor) etc. In all likelihood, government will use the budget as an opportunity to highlight its priority areas and set the reform agenda for the next few years.