Budgeting in a massive economy like India is no easy feat, but this year's task is especially tough for finance minister Arun Jaitley.
The global economy is stuttering, the rupee is within striking distance of a record low against the dollar and investors frustrated with the government's stalling reform drive are yanking out funds from the stock market, leading to portfolio outflows of $2 billion so far in 2016, according to DBS.
All this provides a somber backdrop for Monday's annual budget, an important political event in which the government outlines its spending plans for the fiscal year (April-March in India's case), announces changes to complex tax laws and often introduces new foreign investment rules.
Jaitley must now decide whether he wants to shore up government finances or boost the country's creaky infrastructure and repair the balance sheets of state-run banks suffering from loans gone sour.
Last week, the finance ministry proclaimed the budget would make India a haven of stability amid the current global malaise. Indeed, with more than 7 percent annual economic growth in 2015, the nation stands out among both developed and emerging markets but it remains to be seen whether New Delhi can sustain that pace.