Modi government will be presenting the Union Budget for the fiscal year 2019-20 on July 5. Finance Minister Nirmala Sitharaman will present the full-year budget for the year ending March 2020. It will be the first budget of the Prime Minister Narendra Modi government in its second term. The interim budget for the year 2019-20 was presented by then Finance Minister Piyush Goyal on February 1.
The government had sought inputs from citizens on the Union Budget 2019-20 with a view to make the Budget making exercise more participative and inclusive. The comments have been sought on the government's 'mygov.in' portal by June 20. In her budget, the 59-year-old JNU alumnus, Sitharaman, will have to address slowing economy, financial sector troubles like rising NPAs and liquidity crisis in NBFCs, job creation, private investments, exports revival, agrarian crisis and raise public investment without compromising on fiscal prudence.
Here are things you need to know about Union Budget 2019-20:
1. The first session of 17th Lok Sabha will commence today, which will see the passing of the Union Budget and some key legislations like Triple Talaq bill being on top of the government agenda.
2. The Union Budget will be presented by Finance Minister Nirmala Sitharaman on July 5, preceded by a pre-Budget Economic survey on July 4.
3. It will be the full Budget of the year because the one presented before the elections was a vote on account.
4. On Budget Day, the Finance Minister will deliver the speech around 11 am in the Parliament and after presentation/laying of the Budget, the respective Houses will be adjourned for the day.
5. Earlier, till 1999 the Union Budget was announced at 5 pm on the last working day of February, however, Ex-finance minter Yashwant Sinha changed this ritual by announcing the budget at 11 am.
6. The railway budget was presented a few days before the Union budget till 2016, but in September 2016, the government scrapped the 92-year-old practice of presenting rail budgets and general budgets separately. FM Sitharaman will deliver the Railway Budget 2019-20 speech as part of the Union Budget.