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India
09 Jan 2019

#Budget2019: Interim Budget to be presented on February 1

The Budget session of the Parliament is likely to commence from January 31 and is slated to go on till February 13, reports have stated quoting government officials.

Meanwhile, news agency ANI has tweeted that the interim Budget for 2019 will be presented on February 1.

Here's what we know about it.

In context

#Budget2019: Dates for Budget session released
Finance Minister Arun Jaitley will present his sixth Budget

Details

Finance Minister Arun Jaitley will present his sixth Budget

The decision regarding the dates of the Budget session, and the date of presentation of the interim Budget was taken by the Cabinet Committee on Parliamentary Affairs (CCPA).

The Union Budget 2019, the last under the current Modi government, will be presented by Finance Minister Arun Jaitley, and will become the sixth consecutive Budget to be presented by him.

What is an interim Budget?

In India, an incumbent government does not present a full budget in the election year. Instead, the government tables an interim budget during a joint session of the Rajya Sabha and the Lok Sabha in the Parliament.

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Expectations

Modi government expected to try and woo the middle-class

It is largely expected that the Modi government will try to woo middle-class voters by making certain announcements in the interim Budget.

Reportedly, the Finance Ministry is considering hiking savings limit, offering tax benefits for pensioners, and offering more concessions on housing loan interest.

It has also been reported that a basic customs duty overhaul might be considered.

The government's handling of India's fiscal deficit will be interesting

Fiscal deficit

The government's handling of India's fiscal deficit will be interesting

That said, the government will also have to address the spiralling fiscal deficit.

As of November 2018, India's fiscal deficit stood at a whopping Rs. 7.17 lakh crore, significantly higher than the government's estimate of Rs. 6.24 lakh crore.

Given this fact, and the inability of the government to lower the deficit, it will be interesting to see what new fiscal deficit target the government sets.

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Most asked questions

What is Budget?

What is interim Budget?

Why is the Budget important?

Can any major decisions be expected in the interim Budget?

More questions

What is Budget?

Asked on 09-01-2019 by Saanvi Rao

Answered by NewsBytes

A full-fledged Union Budget outlines the Central government's expected revenues and expenditures for a financial year.

What is interim Budget?

Asked on 09-01-2019 by Paridhi Patel

Answered by NewsBytes

In India, an incumbent government does not present a full budget in the election year. Instead, the government tables an interim budget during a joint session of the Rajya Sabha and the Lok Sabha in the Parliament.

Why is the Budget important?

Asked on 09-01-2019 by Vibhore Kapur

Answered by NewsBytes

Apart from chalking out expected incomes and expenditures, a Budget is also important from an electoral point of view insofar as it demonstrates fund allocations, and thereby demonstrates where the priorities of a particular government lies.

Can any major decisions be expected in the interim Budget?

Asked on 09-01-2019 by Tejas Trivedi

Answered by NewsBytes

Unlikely. Generally, no major announcements are made in an interim Budget as a full-fledged Budget is presented by the newly-elected government following the Lok Sabha polls.

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