The Modi Government will table its 1st Interim Budget in the Parliament on 1st February ahead of the upcoming Lok Sabha Polls. The Union Budget 2019 has all eyes on it to check for any populist measures or announcements to cheer the nation. The last budget, often Interim budget, acts as a fine tuning tool for the outgoing government. The newly formed government presents the full-fledged budget after being elected.
This budget will act as a litmus test ahead of global economic worries, Brexit no deal, trade wars and unclear policy decisions along with upcoming Indian elections. It is expected that the Government with the help of this budget, fine tune the promises earlier made.
Schedule of Budget Speech 2019:
Finance Minister Arun Jaitley will present the Union Budget in Lok Sabha. The Budget session 2019 will commence from January 31st and will last till February 13th. Union Budget 2019 will be presented on February 1st. The earlier practice of introducing a separate Railway Budget a day prior to the Union Budget is done away with.
Length of Speech:
Often the budget speech lasts for around 2 hours however considering this would be an Interim Budget, it may last for a slightly shorter period of time with no major structural changes. Also, considering current state of unrest among the farmer class and quota issues, some protests may be seen while presenting the Budget which may stretch the duration of the speech.
Non presentation of Economic Survey 2019:
Union Finance Ministry’s annual document is known as the Economic Survey. Generally, the economic survey is presented just days before the Union Budget. However, it is expected that Economic Survey 2019 may not be tabled this year based on Finance Ministry Official’s statement to a leading financial daily.