Dismissing earlier reports, the Ministry of Finance confirmed in a press conference in Delhi on Wednesday that the budget to be tabled on February 1 will be an interim one. The finance ministry said it will be called Interim Budget 2019-20. It has been the tradition to present an interim budget or vote-on-account in an election year. As such, the full budget is presented by the new government after the elections.
As per tradition, a vote-on-account or approval for necessary spending by the government is taken for a limited period in an election year, following which a full budget is presented by the new, elected government.
Ahead of the budget presentation, the Economic Survey report will also be released. The Economic Survey summarises the annual economic development in the country. It facilitates a better appreciation of the mobilisation of resources and their allocation in the budget.
Finance Ministry clarifies that this budget will be 'Interim Budget 2019-20'. pic.twitter.com/jr3mQhlGQ7- ANI (@ANI) January 30, 2019
The rail budget will be presented along with the Union Budget like the last year. In September 2016, the government scrapped the 92-year-old practice of presenting rail budgets and general budgets separately and clubbed them both together.
Union Minister Arun Jaitley had left for the US for medical treatment earlier this month, following which the charge of the finance ministry was handed over to Railway Minister Piyush Goyal.
The government initiated the printing process of Budget 2019 documents with the "halwa ceremony" on January 21.
A lot rides on this Budget, which will be the last one before the 2019 Lok Sabha elections.