Union Budget 2018: The Modi government’s Budget 2018 will be presented soon. Finance Minister Arun Jaitley will present the budget speech. This will be the Modi government’s fifth budget and final one before the 2019 Lok Sabha Polls. Budget 2017 was presented on February 1 by Finance Minister Arun Jaitley. Budget 2017-18 was unique as for the first time the railway budget and the general budget were presented on a same day. Budget 2018 assumes great significance as crucial assembly elections will be held across India. Budget 2018 expectations have already risen and date for presentation of Union Budget is nearing.
Before the presentation of Union Budget 2018, economic survey will presented in Parliament. This year the Modi government will present the economic survey on January 29. The Budget Session of Parliament will begin on January 29. President Ram Nath Kovind will address the joint sitting of the Lok Sabha and Rajya Sabha 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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What is Budget?
Budget is basically an estimate of income and expenditure for a stipulated period of time. According to Oxford dicctionary, Budget is “An annual or other regular estimate of national revenue and expenditure put forward by a finance minister.” Budget 2018 will be a huge exercise. Before the Modi government’s Budget 2018, a host of budgets were presented. It has been learnt that the first budget of Independent India was presented on November 26, 1947. The first budget was presented by Finance Minister Sir RK Shanmukham Chetty. The first budget took place in the backdrop of the Partition riots. However, the presentation of the first budget of India took place under British colonial rule. The then Finance Minister of India James Wilson presented the budget on April 7, 1860.
When is Union Budget 2018 speech
The date for the Budget 2018 has been announced by the Modi government. The Union Budget 2018 will be presented by FM Jaitley. It is likely that FM Jaitley will ‘rise to present’ budget 2018 at noon. It is likely to be less lengthy than previous years’ Budgets as GST council has taken all the spotlight from indirect taxes.
Who will present Modi government’s Union Budget 2018
Finance Minister Arun Jaitley will present the Union Budget 2018. FM Jaitley will also present Budget 2018 on the same day.