Prime Minister Narendra Modi-led NDA government will table the maiden union budget of its second term today. Finance Minister Nirmala Sitharaman will present the full union budget in the budget session of parliament.
Her budget speech will begin at 11 a.m. in the parliament, which will be live telecast at INDIA AHEAD NEWS channel.
Nirmala Sitharaman, Member of Parliament in the Rajya Sabha from Karnataka, will create a history for being the first full-time woman finance minister to present the budget.
In 1970, Indira Gandhi became the first woman finance minister to present the budget, but this was a portfolio she held in addition to being the PM.
This will be the 89th Union budget, including interim ones. In February, the then Finance Minister Piyush Goyal presented the interim budget. So this will be the second budget of the year.
In India, during the election year, two budgets are presented. The interim budget is presented in February, prior to the Lok Sabha elections and a full budget is presented after the formation of the new government.
On Thursday, Sitharaman also presented the Economic Survey 2019. The government has projected the GDP to grow at 7 per cent for the year 2019-20.
The Economic Survey is prepared by the Chief Economic Advisor Krishnamurthy Subramanian. According to reports, the CEA Krishnamurthy Subramanian has said that sustained 8 per cent growth is needed for India to become a $ 5-trillion economy by 2024-25.
From 2017-18, the Modi government merged the Rail Budget with the Union budget. Thus, the practice of presenting separate rail and general budgets, a 92-year-old British era practice, was ended.
Till 1999, the Union Budget was presented at 5 pm on the last working day of February. However, under the Vajpayee government, the former finance minister Yashwant Sinha changed this ritual by announcing the budget at 11 am.
After giving a thumping majority to the Narendra Modi led-NDA government, Indians have a lot of expectations; the government is also likely to introduce some major reforms addressing the issues of unemployment, agrarian crisis and boosting up the industrial sector.