The Interim Budget will be presented by Finance Minister Piyush Goyal in the Lok Sabha on February 1. This is the last Budget of the Narendra Modi-led National Democratic Alliance (NDA) government. Much has been said and talked about with respect to the same in the past few weeks. Anticipation is high on the matter of tax slab change, and experts are expecting a surprise announcement from Piyush Goyal.
After Opposition victories in three state polls last month, and given the need to call Lok Sabha elections by May, Prime Minister Narendra Modi is facing some discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. The budget, which is interim and is likely to be followed by a full one in July, is expected to project the country's economic growth rate at around 7.5 per cent for the next financial year, and expand capital spending on railways, roads, ports by 7-8 per cent, and estimate a revenue increase of about 15 per cent, according to reports.
But the main focus could be on the rural sector and the urban middle-class. Finance minister Piyush Goyal is going to present the Budget in the absence of Arun Jaitley, who is currently in the United States for medical treatment.
It indicates the level of support extended by the Reserve Bank of India to the government's borrowing programme.
Before the Budget session begins in the Parliament, let us look into some jargons that will help you understand Interim Budget 2019:
Revenue Receipt: It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government.
Ather Energy calls for cut in import tariff on lithium ion cells for EVs
Focus must be on skilled labour to tackle unemployment
Budgetary allocation to the ministry of skill development and entrepreneurship (MSDE) has witnessed a 237% increase over the last four years, from Rs 1,007 crore (actual expenditure) in 2015-16 to Rs 3,400 crore (budget estimate) in 2018-19, according to ministry data.