FM is seen to step up the pace of sales of state assets and curb spending
Budget is widely seen as a test of Prime Minister Narendra Modi.
India's industrial output unexpectedly contracted 4.2 percent year-on-year in October, dragged down by a fall in the manufacturing and the capital goods sector, government data showed on Friday.
Deals will cover oil exploration and supply, infrastructure and an increase in direct diamond sales to India
The government holds stakes ranging from 56% to 84% in 27 state-run banks.
Official GDP data for the second quarter of the current fiscal year ending March are due to for release this Friday.
Rajasthan has taken the lead on structural reforms which could help India attract business and employ a fast-growing workforce.
Direct contacts between Obama and Prime Minister Narendra Modi this month helped to end a deadlock that had prevented the WTO from implementing a $1 trillion package of reforms.
In a speech, Jaitley said that while he expected to hit targeted levels for direct taxes, reaching the goal for indirect taxes would be a "challenge".
Road projects alone worth $10 billion face delays over land disputes and other clearances.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
Officials say a fall in global oil prices will reduce the government's subsidy burden, giving it a greater chance of hitting its ambitious fiscal deficit target of 4.1 percent of gross domestic product in the fiscal year to March.
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
British India Corporation employs about 1,800 people
Lower crude prices mean less government outlay for India,
Power and Coal Minister Piyush Goyal warned that it would take years to alleviate coal supply shortages, which have reduced stocks at thermal power stations to their lowest since a huge blackout in 2012 cut off 620 million people.
There was a sharp fall in power output on Thursday from a plant in Gujarat that left India more than 9,000 megawatts short of peak demand, according to two officials at the state grid operator.
The landmark bill to liberalise the insurance industry, which marks Prime Minister Narendra Modi's first stab at legislative reforms, will now go to a parliamentary committee, which will submit a report later this year.
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