Budget 2018 date: The much-awaited Union Budget is here. People, industry bodies and politicos are all waiting for the Modi government’s fifth budget. Finance Minister Arun Jaitley will present the budget in Parliament. The Budget 2018 is crucial as this would be the Narendra Modi government’s last full-fledged budget before the big 2019 Lok Sabha Polls. The budget 2018 will also be the first one after the implementation of Goods and Services Tax (GST). Politically too, it will be crucial as assembly elections will be held in big states like Karnataka, Rajasthan Madhya Pradesh. Many are curious to know when and what will come out of FM Jaitley’s briefcase during the Budget 2018.
The date for the Budget 2018 has been announced by the Modi government. The Union Budget 2018 will be presented by FM Jaitley. Notably, the budget 2017 was presented on February 1. This year too, the Modi government has chosen the same date for presentation of Budget 2018. Budget 2017 was the Modi government’s fourth union budget. It was presented by FM Jaitley after the November 8 demonetisation move.
It is likely that FM Jaitley will ‘rise to present’ budget 2018 at noon. FM Jaitley had presented Budget 2017 at around same time. FM Jaitley began the Modi government’s Budget 2017 speech, saying “Madam Speaker, on this auspicious day of Vasant Panchami, I rise to present the Budget for 2017-18.”
Since the historic merger between Railway budget and general budget took place, two budgets are presented on a same day. Budget 2017 was the first one to be presented in this format. Finance Minister Arun Jaitley will present the Railway budget along with Union Budget on February 1.
The Finance Ministry of India presents the Economic Survey in the parliament every year, just before the Union Budget. It is the ministry’s view on the annual economic development of the country. A flagship annual document of the Ministry of Finance, Government of India, Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both houses of Parliament during the Budget Session. This year the Modi government will present the economic survey on January 29.
Read Also: Budget 2018: 5 things expected from Modi government on February 1
Watch this video
The Budget Session of Parliament is set to commence on January 29. President Ram Nath Kovind will address the joint sitting of the two Houses on January 29. The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6. There will be a recess between the session so that the department-related standing committees can clear the budgetary proposals related to their respective ministries.