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Union Budget 2019

After coming back to power with a mandate, the Modi government finds itself faced with growing concerns about declining demand, agrarian crisis, increasing joblessness and lack of investment recovery. Will the first full-time woman finance minister Nirmala Sitharaman be able to address these concerns in Union Budget 2019?

UNION BUDGET VIDEOS

Union BUDGET NEWS

INTERIM BUDGET 2019

INTERIM BUDGET VIDEOS

TOP INTERIM BUDGET STORIES

INTERIM BUDGET NEWS

Fitch warns of fiscal slippage if govt goes for populist interim...
Categories: Interim Budget News

Fitch warns of fiscal slippage if govt goes for populist interim...

Ahead of BJP-led NDA government presenting the final budget of its tenure, Fitch Ratings has warned of a second...
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Tags: BudgetFitch RatingsPiyush Goyalfiscal consolidationfiscal slippage
Indian sovereign bond yield touch 7.6% ahead of interim budget: Report
Categories: Interim Budget News

Indian sovereign bond yield touch 7.6% ahead of interim budget: Report

The yields on India's benchmark sovereign bonds were hovering around 7.6 per cent ahead of the country's...
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Tags: The FinapolisDBSinterim budgetsovereign bonds
Basic income support to cost at least Rs 1.5 tln to the nation
Categories: Interim Budget News

Basic income support to cost at least Rs 1.5 tln to the nation

Domestic ratings agency India Ratings expects the interim budget to announce an income support scheme for the poor...
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Tags: GDPThe Finapolisinterim budgetIndia Ratings
FIEO demands support measures in budget to push exports
Categories: Interim Budget News

FIEO demands support measures in budget to push exports

Exporters body FIEO has expressed concerns over slow growth in exports and demanded support from the government in...
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Tags: FIEOThe FinapolisFederation of Indian Export Organisationsinterim budget
Relief for farmers likely before Interim Budget
Categories: Interim Budget News

Relief for farmers likely before Interim Budget

The Union Cabinet is expected to soon approve a relief package for farmers grappling with falling prices of their...
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Tags: Agriculturefarmersagriculture ministryCabinetThe Finapolis2019-20 Budgetinterim budgetmarginal farmersagriculture package
Budget, Q3 earnings to drive stock mkt this week: Experts
Categories: Interim Budget News

Budget, Q3 earnings to drive stock mkt this week: Experts

The stock market is likely to track a host of key domestic and global events this week like the Interim Budget...
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Tags: SensexBSEBudgetNiftyStock MarketNSEThe FinapolisInterim Budget 2019-20

UNION BUDGET FAQS:

What is a Union Budget?
The Union Budget is an exercise in which the Government of India presents its statement of income and expenditure for the upcoming year. Article 112 of the Constitution of India refers to the Union Budget as the Annual Financial Statement of the Republic of India. The budget is presented by the finance minister of the country by means of the Finance Bill and Appropriation Bill, which is passed by Parliament.
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When will Union Budget 2019 be presented?
The Union Budget 2019 will be presented on July 5, 2019 at the Lok Sabha. Prior to this, former finance minister Piyush Goyal had presented the Interim Budget on February 1, 2019. The Interim Budget is generally an estimation of expenses incurred and revenues to be drawn in the intervening period in an election year. Post the elections, which the Narendra Modi-led BJP won with a mandate, this is the first Union Budget for the new government.
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Who will present Union Budget 2019?
The Union Budget 2019 will be presented by India’s first full-time woman finance minister Nirmala Sitharaman. Prior to her, the only woman to have held the post was Prime Minister Indira Gandhi. A member of the Rajya Sabha, Sitharaman held the post of the defence minister in the previous Modi government.
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What is the Halwa ceremony?
The printing of the budget papers begins with the traditional ‘Halwa ceremony’, in which the sweet dish is prepared and served to all officers and support staff of the finance ministry including the finance minister. Post the ‘Halwa ceremony’, the officers and support staff of the North Block remain in isolation until the presentation of the Budget in Parliament. For Union Budget 2019, the Halwa ceremony was held on June 22.
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Who makes the budget?
The budget division of the department of economic affairs under the finance ministry prepares the Budget in consultation with the NITI Aayog and other ministries of the government.
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FAQs about Interim Budget
Every citizen of the country awaits the Union Budget in the month of February in which the government presents the annual financial statement or an estimation of revenues and expenditure in the forthcoming year. Once presented on the last working day of February, this exercise is now done on February 1 every year. After the presentation by the finance minister, the budget is tabled before the Parliament for approval. However, in the year of a general election, an interim budget is presented by the government instead of a full-fledged one.
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What is an interim budget?
As the word suggest, an Interim Budget is an estimation of expenses incurred and revenues to be drawn in the intervening period before the next government is elected. After the new government is sworn in to the Lok Sabha, it presents the annual budget for the year. During the interim period, the incumbent government draws funds from the Consolidated Fund of India for which it seeks approval from the Parliament through the interim budget. Though the law does not prevent the government from introducing major tax changes, by convention the incumbent government does not introduce any major changes or tax reforms.
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How is interim budget different from vote-on-account?
While in interim budget is a complete financial statement of the expenditure and receipts of the government, the vote-on-account only represents the expenditure of the government. In other words, the government takes the approval of the Parliament for various expenses before the new government is elected in the Lok Sabha elections.
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Why is an interim budget required?
As the financial year ends on March 31 every year, the government needs the approval of the Parliament to keep work going from April 1 till the next government is elected. To ensure work does not come to a halt during this period, money is drawn from the Consolidated Fund of India. However, to draw from it, the government requires the approval of Parliament. For this purpose the interim budget is passed.
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When is the interim budget passed?
The interim budget is passed in the year of the general elections to the Lok Sabha. Usually general elections in India are held in the month of April-May. The interim budget appears in the month of February before the elections, while the actual Union Budget is presented before the parliament immediately after the new government is sworn in, approximately around the month of June-July.
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When was the last interim budget presented?
The last interim budget was presented in February 2014 by the then finance minister P. Chidambaram.
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Who will present interim budget 2019?
Finance minister of the BJP-led government Arun Jaitley will present the interim budget 2019. In his absence, Piyush Goyal, who has been recently given additional charge of the finance ministry, will present the interim budget.
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When will interim budget 2019 be presented?
Interim budget 2019 will be presented on February 1 (Friday).
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