Union Budget 2019-20: Economic Survey for 2018-19 will be presented on July 4 and the budget will be presented the next day.
Union Budget 2019: The Narendra Modi government will present the maiden budget of its second term in the first week of July. The first meeting of union cabinet chaired by Prime Minister Narendra Modi Friday evening has approved the summoning of the first session of the 17th Lok Sabha next month.
The parliament session will begin on June 17 and is likely to end on July 26. The 30 sittings of the first session of 17th Lok Sabha will be stretched over 40 days. The government will present the economic survey on July 4 and Budget 2019 will be presented the next day, that is July 5.
The Union Budget comes at a time when India has lost its tag of being the fastest growing economy in the world and the Modi government would be under pressure to stimulate GDP growth and address the key issue of 45-year high unemployment rate.
On February 1 this year, finance minister Piyush Goyal had presented the interim budget because of the election year. Though the budget was for the full financial year, but as a custom, the government took the Lok Sabha’s approval for incurring the expenditure for the first four months of the current fiscal.
Now the government is likely to present the Budget 2019 for the eight months of current fiscal year.
This will be first ever union budget to be presented by new finance minister Nirmala Sitharaman.
The session will begin on June 17 and the first two days, June 17 and 18 will be for administering the oath of office to new Lok Sabha members.
New Lok Sabha speaker will be elected on June 19 and then the government will request the President to address a joint sitting of both the Rajya Sabha and Lok Sabha as per the article 87 (1) of Indian constitution.
Both Lok Sabha and Rajya Sabha will debate the Presidential and both the houses are also required to pass a motion of thanks to the Presidential Address.