Global crude oil prices recently rose to their highest level since September 2013. Government's subsidy bill for both urea and fuel will see a rise as prices of kerosene and cooking gas are administered.
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A major push to reviving growth would come from the agricultural sector and given the threat of sub-normal monsoon, the government would have to re-calibrate its proposed measures.
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There is not much room for a tax breather in this budget. For Finance Minister Arun Jaitley, the challenge is to get an accurate collection figure from his Income Tax department.
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India is projected to grow at 5.5 per cent in FY15 and 6.3 per cent in FY16 while the global economy is estimated to expand at 2.8 per cent this fiscal and strengthening to 3.4 per cent next fiscal.
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The key question is will the government bite the reform bullet for the banking sector in this budget.
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Stainless steel flat producers have recently urged the steel ministry to the increase the import duty to 10 per cent from the current 5 per cent.
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The BJP, in its election manifesto, has promised to "unbundle" the FCI into three wings - procurement, storage and distribution, for greater efficiency.
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The Mines Ministry feels that lowering export duty would help the development of mining as an industry.