Expectations of people from the Finance Minister Nirmala Sitharaman is sky high. Sitharaman will present the government's annual financial statement on February 1. All eyes are on who is going to get what from the annual financial event. What will this union budget 2020 mean for your finances?

Kamlesh Rao, managing director and CEO of Aditya Birla Sun Life, said he thinks more money is going to come into the hands of customers.

"The other thing I would watch out for is whether the fiscal deficit stands because with so much announced, I don’t know whether the stance is going to be accommodating or is going to start a little worrying about it and I think from a market point of view it is really good time to look at whether LTCH which got launched did it do any benefit.”

Ishita Sengupta, partner for personal tax at PwC India, said rationalisation of slabs more than the rates would do a lot of good because everybody is talking about increasing in purchasing power, pushing up demand so that would go a long way.

Aashish Somaiyaa, managing director and CEO of Motilal Oswal AMC, said: “Frankly, there is not much choice, it has to be expansionary. The reason is because you will have deficit with growth or you will have deficit without growth that is the choice you have to actually make."

Right now fiscal deficit is going up without growth, the only way to get that deficit in control probably mid- to long-term perspective is to get the growth back, Somaiyaa added.

NS Venkatesh, , chief executive officer of AMFI, said: “It will be a pro-growth Budget definitely because growth is at abysmally low levels so definitely the impetus will be on growth. So whatever is required whether it is through investments or through may be putting money in the hands of people by tax cuts that will definitely play a major part."

The big headlines could be a personal income tax cut which can happen and maybe a long term capital gains tax cuts that can happen, Venkatesh added.

CNBC-TV18's Money Money Money gets you the all-round details about the Budget developments. For more details, watch the video.

First Published:Jan 28, 2020 7:23 PM IST