Stark Realities

Does the Finance Minister have space to take measures to spur growth particularly in light
of the below mentioned realities ?
a.     High crude oil prices for a prolonged period of time.
b.     Miserably weak demand situation in Eurozone.
        Little prospects of improvement in exports in the near to medium term.
c.     Wide current account deficit putting relentless pressure on INR vis a vis the USD.
d.     More than neglected infrastructure and power sector.
e.     Compulsion of presenting the last budget before going to polls.
        Needless to say that the possibility of the budget being populist in nature cannot be ruled out.