Finance Minister Nirmala Sitharaman is scheduled to present the Budget for the financial year 2020-21 on February 1. This year's budget is expected to focus on boosting demand at a time when India's GDP growth is estimated to have fallen to an 11-year-low in 2019-20. However, the government is expected to announce some tax boosters and sector-specific reforms to improve growth in the next fiscal starting April 1, 2020.

According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the industry has largely been stagnant this year and with increased customs duties, global economic changes and fluctuations in currency and commodity, the demand levels for next year are difficult to predict.

While everyone argues on what should be a part of the Union Budget this year, let's start with the basics. The finance minister usually presents a comprehensive statement of the government's finances including spending, revenues, deficit, and debt, etc. on the budget day.