Budget 2018: The crucial Union budget 2018 will be presented on February 1. The Modi government's fifth union budget will be crucial as it will be the last budget before the 2019 Lok Sabha polls. Finance Minister Arun Jaitley, who will present the Budget 2018 in Parliament, is likely to address a few issues
Budget 2018: The crucial Union budget 2018 will be presented on February 1. The Modi government’s fifth union budget will be crucial as it will be the last budget before the 2019 Lok Sabha polls. Finance Minister Arun Jaitley, who will present the Budget 2018 in Parliament, is likely to address a few issues. Major issues in the budget will be Agriculture, Income Tax exemption, Goods and Services Tax (GST). However, pollution in Delhi may be mentioned in FM Jaitley’s Budget 2018 speech. It has been learnt that the Modi government is likely to enmark Rs 1000 core to check the pollution menace in Budget 2018, according to Times of India report.
Ahead of the budget 2018, the Centre yesterday told the Supreme Court that the report of a sub-committee on prevention of stubble burning in three states including Punjab, Haryana and western Uttar Pradesh has been submitted and accepted by a high-level task force constituted by it. On November 23, 2017, a high level task force for management of air pollution in Delhi and NCR, comprising experts and senior officials of various departments, was constituted by the Cabinet Secretariat. The government told a bench of Justices M B Lokur and Deepak Gupta that it has been decided that the Ministry of Environment, Forests and Climate Change (MoEF), will be the nodal ministry for implementation of the report of the sub-committee on stubble burning.
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.
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It is likely that FM Jaitley will ‘rise to present’ budget 2018 at noon of February 1. 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.