As with any Union Budget, the expectations are running high for February 1, 2020 as well. As the finance minister rises to present the second budget of NDA 2.0 the market consensus is that the government could focus on – 1) tax sops to boost consumption and schemes to support farm incomes; 2) ease stress for MSMEs and the housing sector and lastly 3) outline policies to attract private/ foreign investments. The markets would also keep a keen eye on fiscal deficit numbers and await any hint of a relief in the long-term capital gains (LTCG) tax. In all, the government has a tough balancing act at hand.