Union Budget 2019-20 India Date and Time: The government will present the Union Budget 2019 on February 1, a day after the Budget session of Parliament commences on January 31. Interim Finance Minister Piyush Goyal is likely to present an interim Budget, the last for the current government before the 2019 Lok Sabha elections. In the upcoming session, the Lok Sabha and the Rajya Sabha will have 10 sitting — the session ends of February 13.
The Budget Session, which is convened for conducting urgent financial business, will see the two Houses mainly occupied with discussions on the Motion of Thanks for the President’s Address and the interim Budget. Of the 10 sittings, only five will have Question Hour — February 4 to 8. On February 8 alone, private members’ bills will be taken up for discussion.
What is interim Budget 2019?
The government is expected to present an interim Budget, or vote on account, on February 1 as it nears the end of its term. Here, the government seeks the approval of Parliament to meet its expenditure for the first four months of the fiscal year (April to March) — paying salaries, ongoing programmes in various sectors etc — with no changes in the taxation structure, until a new government takes over and presents a full Budget that is revised for the full fiscal.
It differs from a General Budget, which is a comprehensive account of the finances. It lays down consolidated report of revenue from all sources, and outlays for schemes and projects. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.
When is the Union Budget 2019?
The Budget 2019 will be presented by Finance Minister Piyush Goyal on February 1, 2019 at 11 am. An interim budget, while treated formally, is usually passed by the Lok Sabha without discussion.