Finance Ministry Clarifies That This Budget Will Be Called 'Interim Budget 2019-20'

News World India | 0
| January 30 , 2019 , 16:12 IST

The Narendra Modi government has issued a clarification regarding the upcoming Budget. There were reports that the government is likely to present full Union Budget on February 1st on Friday. 

Finance Minister Piyush Goyal in a press conference in the National Capital has clarified that this Budget will be called Interim Budget 2019-20.

“This Budget will be called Interim Budget 2019-20 and, therefore, don't have any confusion on this issue." The spokesperson’s statement referred to what the Budget speech and documents will officially be titled.

This would also be the last budget of the Modi government. The Budget Session of Parliament will begin on January 31 and end on February 13.

There is still suspense over the who will present the Interim Budget as Finance Minister is currently in the US undergoing treatment. Due to this, Piyush Goyal has been given additional charge of the Finance Ministry. There are speculations that Goyal is likely to present the full budget.

Days before handing over the finance ministry charge to Piyush Goyal, Arun Jaitley had indicated that the government could break convention and make the February 1 exercise more significant than a vote-on-account. Speaking at an event on January 17, Jaitley had said the larger interest of the economy always dictates what goes into the budget, including addressing some of the challenges.

Coming ahead of the general elections in April-May 2019, the Union Budget will express the intent of the government, it will outline expenditure and revenue projections for FY20, assuming the incumbent is voted back to power. An overview of the past five years' achievements and blueprint for the upcoming year is also expected to be a part of the announcement, according to the DBS report.

"With the FY19 target of 3.3 per cent of GDP likely to be met (any slippage to be limited to 3.5 per cent), we expect the FY20 deficit target to be set higher at 3.2-3.3 per cent vs recommended 3.1 per cent," wrote DBS Group Research economist Radhika Rao and Strategist Duncan Tan.