This year's Union Budget, which is about two weeks away, will be presented by the newly appointed Finance Minister Nirmala Sitharaman on July 5. She is the country's first full-time women finance minister to present India's budget. After presenting the interim budget in February, the Modi government will present its full-year budget for FY20, said an official statement.
Union Budget, Economic Survey
A budget consolidates revenues from all sources and outlays for all activities. It is prepared by the Ministry of Finance after consulting other ministries. It is of utmost significance for the nation as the Centre presents a financial statement, its expenditure, receipts and projections for the fiscal year. For this year's budget, Sitharaman has been engaging in the pre-budget talks with representatives of industries and other segments.
The Economic survey provides policy perspective for the Union Budget and documents the performance on major development programmes. It is an annual financial snapshot of a country, including expenses incurred and revenues received by the government, and thus, helps in analysing the prospects of the economy in the short to medium-term.
The finance minister is expected to deliver the speech around 11 am in Parliament. Till 1999, the Union Budget was announced at 5 pm on the last working day of February. However, former finance minister Yashwant Sinha changed this ritual by announcing the budget at 11am. The last interim budget was presented around 9:30 am by Piyush Goyal.
The Union Budget bears significance not only for people but also the government, as it'll be an opportunity to revive the economy that slowed down to 5.8 per cent in FY19. The government is likely to amend several policies and schemes for delivering growth to the biggest drivers of the economy, including farmers, middle class, and the corporate sector. In this year's budget, people can expect changes in the income tax slabs. Among other key areas that may be given emphasis in the Budget include social welfare schemes, measures to increase tax compliance, digital payments, and pension schemes for senior citizens, among others.
(Edited by Rupa Burman Roy)