Inducted as new Finance Minister, Nirmala Sitharaman, will table her first Union Budget on July 5, today. This will also be the first Union Budget of Narendra Modi’s second term government at Centre. Nirmala Sitharaman will be the second woman in the history of Independent India, after Indira Gandhi, who will be presenting the Union Budget.
She will be presenting the full-fledged budget for the Financial Year 2019 to 2020, till March.
Nirmala Sitharaman will begin presenting the Budget at 11 am and will start with addressing the Lower House of the Parliament. The timing of the presentation usually ranges from 90 minutes to 120 minutes.
Earlier, Finance Minister Nirmala Sitharaman on Thursday tabled Economic Survey 2019 in the Rajya Sabha. The Economic Survey predicted Oil prices to decline in 2019-20. It further predicted 7% Gross Domestic Product (GDP) growth in Financial Year 2020 on stable macroeconomic conditions.
According to the Economic Survey, General fiscal deficit seen at 5.8% in Financial Year 2019 against 6.4% in Financial Year 2018. ‘To become a $5 trillion economy by 2025, India needs to sustain a GDP growth rate of 8%’, as per the Economic Survey tabled on Rajya Sabha today.
READ: Interim Budget 2019 Highlights: No tax for income below 5 lakh; higher allocation for MNREGA; yearly deposit in small farmers’ accounts
Speaking in the parliament, Nirmala Sitharaman said accommodative monetary policy is required to cut the lending rates.
It should be noted that because of the poll year, the Union Government had in February presented its Interim Budget.
Sitharaman is expected to announce big tax relief for the middle class and salaried people.
Sitharaman had earlier held a series of pre-budget meetings with several stakeholders in a bid to seek feedbacks, and inputs ahead of the Budget Session of the 17th Lok Sabha.
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