However, Moody's said that the increase in service tax is credit negative for corporates as it would increase their production cost.
FM Arun Jaitley mentioned the Jan Dhan Yojna, coal mine auction and Swachh Bharat campaign as some of the successes of the government.
Over the medium-term, India must adhere to the medium-term fiscal deficit target of 3 per cent of gross domestic product (GDP), the Survey said.
The government had earmarked a subsidy of Rs 72,970 crore for the current fiscal year ending March 31.
While it was short on the "big bang" reform measures, the Budget won plaudits for moves to cut corporate tax and make India more competitive.
The 2015-16 budget is expected to give a big push to Prime Minister Modi's 'Make in India' campaign, with tax breaks and other incentives for several sectors.
With the budget around the corner, the biggest demand is for the rise in the number of income tax slabs. But do they really reduce your tax outgo?
Last year, he had raised the personal Income Tax exemption limit by Rs 50,000 to Rs 2.50 lakh.