Finance Minister Arun Jaitly is likely to present the Union Budget for 2014-2015 in Parliament on on July 09/10 as per sources. 

The budget session of Parliament is likely to be convened from July 07 while the Rail Budget will be presented on July 08, sources told Zee Media. 

Both the budgets have to be cleared before July-end as the Votes-on Account taken before Lok Sabha elections will expire by July-end.

It will be the maiden Budget of Arun Jaitley. It will also be the first major policy document of the Narendra Modi government and will spell out the direction for the economy.

Jaitley has already started pre-budget consultations with different interest groups. He faces several challenges on the economic front, like rising prices, subdued growth and the need to move ahead on the path of fiscal consolidation.

Among other things, he will also have to focus on streamlining subsidies which consume a major potion of government expenditure. (ZEE News)