Jaitley to meet IT industry representatives ahead of budget today

Union Finance Minister Arun Jaitley will hold a pre-budget consultative meeting with representatives of the Information and Technology (IT) industry here today.

The Finance Minister will have to address several problems in this year's budget with weakening rupee and manufacturing PMI hitting a two-year-low. Budget will also be significantly impacted by the recent devastating floods in Chennai.

According to reports, Jaitley has been advised to increase the fiscal deficit target to 3.7 or 3.9 per cent of gross domestic product (GDP) from 3.5 per cent.

The Finance Minister will present the budget for the fiscal year starting April 1 in February.