Interim Budget 2019: Budget date, 2-week budget session
New Delhi: The Union Finance Minister Arun Jaitley will present an interim budget on February 1, 2019, before the 2019 Lok Sabha Elections. It has been a conventional practice that the government present an interim budget in the general election year. The interim budget 2019 is not likely to include the entire policy making for the upcoming financial year, however, it will cover the government’s expenditure plan for the year.
Five years ago, the Union Finance Minister P Chidambaram presented an interim budget in February 2014 on behalf of UPA government, following which a full-fledged budget was presented by Arun Jaitley in July 2014 upon the formation of the new government.
Interim Budget 2019: 6 key points to know
- This year, the budget session of the Parliament is expected to be held from January 31 to February 13.
- This budget session will likely to be the last budget session of the present Lok Sabha before general elections to be held in April-May.
- The interim budget will be highly critical for the Narendra Modi-led government as this will be the last opportunity with the government to present some populist measures before the 2019 Lok Sabha Elections.
- Interim budget is presented a few months before the general election begins so that after the successful completion of the election cycle for the formation of the government, a full-year budget can be introduced by the new government.
- In the Interim Budget 2019, a brief perspective of financial statements will be portrayed for the coming year.
- The interim budget does require the approval for essential government spending for a time-bound period in the election year.