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Confident Of A Victory? Finance Minister Plans Full Budget In February 2019 Instead Of A Vote On Account
FM, Arun Jaitley with PM Modi. (Arvind Yadav/Hindustan Times via Getty Images)
The Union Finance Ministry, headed by Arun Jaitley, is holding discussions to present a full budget instead of a vote on account. The Finance Minister will present the budget for FY19 (2018/19) on 1 February 2019.
As is the usual case in an election year, the outgoing government presents only a vote on account. This entails expenditure from the Consolidated Fund of India to cover the necessary administrative expenses of the caretaker government until the new government takes over after the elections. Vote on account involves details of only expenses and not of the income side. Also, the government refrains from making any policy changes or launching mega social sector schemes.
However, this decision of the NDA government to present a full budget instead is significant. Apart from sending positive signals to investors that there will be a continuation of the market-friendly policies of the government for the next five years, it also reflects the confidence of the present BJP-led government in being reelected in the 2019 general elections.
“We will signal continuity. We cannot dislocate the economy just because of the elections. Wherever there is a gap in expenditure, we will plug it,” an official with the Finance Ministry stated.
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