Likely Change in Policies:

Since Independence, till 1998 Union budget was presented only by evening 5PM. This has been a customorary practice following the systems of preindependence era when budget was presented by 5PM. It was so because the budget papers could be read simultaneously in the British parliment, which would open around 5PM Indian time. But post independence presentation of budget by 5pm, ending of presentation by 7.30PM, copies being circulated by 9PM followed by late night analysis was a hell.

Atlast Yashwant Sinha, then finance minister in 1998 did away with the practise and budget got presented at time convenient to India.

Similarly there are a few other items, which may be changed in the days to come:

(1) Changing of financial year from : April to March to January to December. This makes us link to the global accounting model where the financial year ending is December. Moreover, Government could frame policies in Octobr soon after the south west monsoon, which has maximum impact on economy. The budget could be presented in November.
(2) Single budget could emerge after merging Railway budget with General Budget: In British era Railway budget was seperate since it accounted for 70% of expenses. But today's term railway expenditure accounts for miniscule Rs.16000 crores against Rs.1,75,000 crores for defense expenditures. Further, populistic announcements by railway ministers could be cut with this merger.

Though implementation of these reforms could have teething problem, it could be beneficial in the long run.