Union Finance Minister Arun Jaitley has indicated that the interim budget scheduled to be presented on 1 February (2019) might be bigger than the usual vote on account, reports Times Of India (TOI).
“Convention has always been that election year Budget is an interim Budget. The larger interest of the nation dictates what will be a part of the interim Budget,” said Jaitley at an award function organised by a new channel.
In November 2018 it was reported that the Union Finance Ministry was holding discussions to present a full budget instead of a vote on account.
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.
Package For Farmers?
Jaitley added that though the government would not expand the already large fiscal deficit, “unusual situations” warranted a deviation from the fiscal consolidation path. The current farm distress was cited as one such instance.
It was reported in December 2019 that the government was considering the launch of a Rs 60,000 crore package to provide income support to farmers. This scheme is expected to be announced in the Budget.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.