Putting to rest all speculations that the Narendra Modi-led government could present a full-fledged budget on February 1 ahead of the Lok Sabha polls, the Union Finance Ministry Wednesday clarified that it will be ‘Interim Budget 2019-20’.
Speculations began to swirl that the ruling dispensation may break the convention of presenting a vote on account, also known as interim Budget.
A vote on account essentially means that the government seeks the approval of Parliament for meeting expenditure for the first four months of the fiscal year—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.
The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.
Main opposition party Congress had said 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.
With PTI inputs