Finance Minister Arun Jaitley will meet captains of Indian industry to elicit their views on the budget, which is likely to be presented in the first week of July.
As a part of the pre-budget consultation exercise, the Finance Minister has already met with agriculturists and will meet representatives of social sector later today.
It also wants clear and credible policies to attract investments, push mega projects and encourage growth.
It has already made a case for non-adversarial, conducive and fair tax regulatory environment.
The sub-five per cent GDP expansion poses a big challenge for the new government which needs to act fast to revive the economy.
The economy grew by 4.7 per cent in 2013-14 and 4.5 per cent in 2012-13 fiscal.
The manufacturing sector contracted by 0.7 per cent in 2013-14. It grew by 1.1 per cent in the earlier fiscal.