Dismissing speculations and apprehensions expressed by some opposition parties that Narendra Modi government is proposing to present a full-pledged budget on February 1, violating conventions, the Finance Ministry today clarified that the Government would indeed be presenting the Interim Budget this Friday.
Finance Minister Piyush Goyal said this Budget will be called Interim Budget 2019-20. The tradition in an election year is to present an Interim Budget or Vote on Account. The full Budget is presented by the new government after the elections.
The Government does not introduce any new service nor does it bring the Finance Bill or present the Economic Survey in an Interim Budget.
Goyal would be presenting the Interim Budget this Friday, February 1, as he has been given the additional charge of Finance after Arun Jaitley left for the US for medical treatment.
The Centre has scrapped the colonial-era tradition of presenting the budget at the end of February. With the advancement of the Budget, ministries are now allocated budgeted funds from the start of the financial year beginning April.