Feb 1 Budget will be an interim Budget, says Finance Ministry

Source: The Hitavada      Date: 31 Jan 2019 08:37:11


 

NEW DELHI,

 

Confusion was created after Commerce Ministry in a WhatsApp message to media said: “do not refer Budget 2019-20 as interim Budget, it is officially referred as General Budget 2019-20”

THE Government on Wednesday said that the February 1 Budget would be only ‘interim Budget 2018-19’, refuting some media reports which indicated that it would be a General Budget. Confusion was created after the Commerce Ministry on Wednesday in a WhatsApp message to media said: “do not refer Budget 2019-20 as interim Budget, it is officially referred as general Budget 2019-20”.


However, the Finance Ministry later on Wednesday clarified that the Budget will be called interim Budget 2019-20. In ‘General Budget’, a government announces major policy initiatives and keeps a record of estimated receipts and expenditure of the Government for that particular year. During election year, the newly-elected Government presents the full Budget, typically in July. The last Budget of the present NDA Government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.


There were confusion in political circle that the Government may deviate from the practice of presenting interim Budget and come up with full Budget ahead of the general elections. To this principal Opposition party Congress had said that it will strongly oppose both inside and outside Parliament the presentation of a “full Budget” by the BJP-led NDA Government as it has “no electoral legitimacy”  and the step will go against set precedents and Parliamentary traditions.


Last week, Railway Minister Goyal was given additional  charge of the Finance Ministry as Arun Jaitley has gone to the US for treatment. Jaitley as the Finance Minister has presented five Budgets. As per practice, a Vote-on-Account or approval for essential Government spending for a limited period is taken in an election year and a full-fledged Budget presented by the new Government.