Finance Minister Pranab Mukherjee's take no big reforms decision in the budget and play safe.
"The global crisis has affected us. India's gross domestic product (GDP) is expected to grow at 6.9% in 2011-12, after having grown at 8.4% in each of the two preceding years," the finance minister said.
"Though we have been able to limit the adverse impact of the slowdown in our economy, this year's performance has been disappointing. But it is also a fact that in any cross-country comparison, India still remains among the front-runners in economic growth."
"While we do not have the aggregate figures for the last quarter of 2011-12, numerous indicators pertaining to this period suggest that the economy is now turning around. There are signs of recovery in coal, fertiliser, cement and electricity sectors."
Tax slab
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
