Finance Minister Arun Jaitley will present the Union Budget 2018 on February 1. The budget earlier used to be presented towards the end of February. On Monday, the Economic Survey prepared by Chief Economic Adviser Arvind Subramanian pegged India’s GDP growth at 7-7.5 per cent in the upcoming fiscal year. The survey also pointed out that the GDP growth has averaged 7.3 per cent for the period from 2014-15 to 2017-18, which is the highest among the major economies of the world. This will be the last full Budget of the Central government led by PM Narendra Modi before the general elections of 2019. It is also the first since the government effected major economic reforms, including the Goods and Services Tax (GST).
When is Union Budget 2018?
Where can you watch the LIVE streaming of Budget 2018?
Viewers can watch the LIVE telecast of the Union Budget 2018-19 on Lok Sabha television from 11 am onwards on Thursday. It can also be seen on the YouTube webcast of Rajya Sabha TV.
The Economic Survey presented by the Union Finance Minister Arun Jaitley on Monday in Parliament had projected India’s GDP growth ranging between 7 to 7.5 per cent in the upcoming fiscal year, highlighting the fact that the GDP growth has averaged 7.3 per cent for the period from 2014-15 to 2017-18, marking it highest among the major economies of the world.
However, the Economic Survey also hinted for a ‘pause’ in fiscal consolidation. The survey, which was prepared by Chief Economic Adviser Arvind Subramanian, noted, “A pause in general government fiscal consolidation relative to 2016-17 cannot be ruled out.”
Taking note of the upcoming general elections in 2019, it said, “Setting overly ambitious targets for consolidation, especially in a pre-election year, based on optimistic forecasts that carry a high risk of not being realised will not garner credibility either. Pragmatically steering between these extremes would suggest the following: a modest consolidation that credibly signals a return to the path of gradual but steady fiscal deficit reductions.”
As stated in the survey, a preliminary analysis of the Goods and Services Tax (GST) suggests 50 per cent rise in the number of indirect taxpayers.