In a pre-budget meet with ET Now Keki Mistry , VC & CEO, HDFC, Sunil Kant Munjal, Hero MotoCorp, Mukesh Butani , BMR Legal and Naushad Forbes , President, CII discuss the expectations from the February 1 Budget.Edited excerpts:Industries expectations have been raised because there is a lot of action going on with this government over the last year and a half or two but at the same time there is serious concern about the current slowdown which got accelerated by the demonetisation or the consumption which suddenly shrunk when cash was taken out of the system. There is certainly a need for stimulating the economy through consumption and through raising demand both at the same time.I do not think a stimulus is actually required but I think this budget is a great opportunity to address many fundamental issues which will start getting a little difficult to address from next year onwards. Two years from now, it will be a budget and election year. One year from now, it will be difficult to do things which will show up in terms of success and results on the ground for the election. This year’s budget is a great opportunity to address some quite core and fundamental things that are really aimed at improving our long term growth rate and prospects as an economy results of which can start to flow before the next election.A little bit of stimulus is probably necessary for the economy. The stimulus could be for sectors which have been affected because of the demonetisation and also a little bit of stimulus to industry, to small and medium scale businesses and the basic fundamental idea according to me in the budget should be to push jobs . We have seen that the private sector investment cycle in India has been relatively weak for a while and one of the reasons for that has been the fact that capacity utilisation in India is still not high enough for industries to go in for expansion plans.So the question that would be on the top of his mind is whether for 201717-18, the finance minister should stick to the target of 3% or can he have some elbow room on that? Also, what would be on the top of his mind is the flexibility that he availed of last year by way of having a band of fiscal deficit rather than sticking to one target. The government has still not made public the FRBM panel report. Having said that, on the positive side I expect that the tax compliances will go up, the tax collections on income other than corporate tax. To show an increase, he would have money collected through IDS 1, IDS 2, service tax collections looking for good corporate performance is not that encouraging. So he would experience a single digit growth in corporate tax but overall the tax collections could look better unless we see a disappointment in the March 15 instalment of advance tax.