Anand Mahindra the chairman of the Mahindra Group, a Mumbai-based business conglomerate was the first to congratulate the finance minister for presenting the <a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">interim Budget 2019</a>.

Referring to the popular tagline from the "Uri" movie starring Vicky Kaushal, Mahindra asked, "How high was Piyush Goyal’s Josh?’ the answer would not be in doubt..."&nbsp;

"I was bracing for a populist ,profligate&nbsp;Budget driven by ‘election panic.’ &nbsp;I’m just grateful that the reliefs to the key middle class &amp; farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise..."

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Before any discussion on the numbers around the budget, it’s clear that if anyone were to ask ‘How high was Piyush Goyal’s Josh?’ the answer would not be in doubt...
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I was bracing for a populist,profligate budget driven by ‘election panic.’ I’m just grateful that the reliefs to the key middle class &amp; farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise...
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The phrase was also used by Piyush Goyal in the Parliament during the presentation of the Budget.

"How's the josh" has also been previously used by several leaders including PM Modi and Defence minister Nirmala Sitharaman.

Chairman, Adani Group also hailed the interim Budget 2019. He tweeted, "India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams.

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&nbsp;

Anand Mahindra the chairman of the Mahindra Group, a Mumbai-based business conglomerate was the first to congratulate the finance minister for presenting the interim Budget 2019.

Anand Mahindra the chairman of the Mahindra Group, a Mumbai-based business conglomerate was the first to congratulate the finance minister for presenting the interim Budget 2019. Referring to the popular tagline from the "Uri" movie starring Vicky Kaushal, Mahindra asked, "How high was Piyush Goyal’s Josh?’ the answer would not be in doubt..." "I was bracing for a populist ,profligate Budget driven by ‘election panic.’ I’m just grateful that the reliefs to the key middle class & farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise..." Before any discussion on the numbers around the budget, it’s clear that if anyone were to ask ‘How high was Piyush Goyal’s Josh?’ the answer would not be in doubt... — anand mahindra (@anandmahindra) February 1, 2019 × I was bracing for a populist,profligate budget driven by ‘election panic.’ I’m just grateful that the reliefs to the key middle class & farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise... — anand mahindra (@anandmahindra) February 1, 2019 × The phrase was also used by Piyush Goyal in the Parliament during the presentation of the Budget. "How's the josh" has also been previously used by several leaders including PM Modi and Defence minister Nirmala Sitharaman. Chairman, Adani Group also hailed the interim Budget 2019. He tweeted, "India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams. India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions #Budget2019 infuses hopes for millions of dreams. — Gautam Adani (@gautam_adani) February 1, 2019 ×

Budget 2019: How high was Piyush Goyal’s josh, asks Anand Mahindra

The government has allocated a sum of Rs 3,18,931.22 crore to Defence out of the total outlay of Rs 27,84,200 crore of the interim Budget 2019-2020 announced on Friday. The Rs 3.18 lakh crore&nbsp;does not include the Defence Pension which stands at Rs 1,12 lakh crore&nbsp;in Budget estimates for financial year 19-20. The allocation of Rs 3.18 lakh crore&nbsp;represents a growth of 7.93 per cent over Budget estimates of FY 2018-19 of Rs 2.95 lakh crore&nbsp;and 6.87 per cent over revised estimates at Rs 2. 98 lakh crore. &nbsp;

While announcing the Budget Interim Finance Minister Piyush Goyal said," Our Defence Budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided."

According to an Army release, "the total defence allocation including the defence pension accounts for 15.48 per cent&nbsp;of the total central government expenditure for the year 2019-20".

The release explained that out of Rs 3.18 lakh crore&nbsp;allocated for financial year 2019-20, Rs 2.10 lakh crore&nbsp;is for revenue (net) expenditure and Rs 1.08 lakh crore&nbsp;for capital expenditure for the defence services and the departments under the defence ministry. The Rs 1.08 crore amount allocated for capital expenditure includes the amount for modernisation.

Piyush Goyal while speaking in the parliament on Friday also said that the current government has disbursed over Rs 35000 crore for implementation of One Rank One Pension (OROP).

He added," The Government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties"

The government has allocated a sum of Rs 3,18,931.22 crore to Defence out of the total outlay of Rs 27,84,200 crore of the interim Budget 2019-2020 announced on Friday.

The government has allocated a sum of Rs 3,18,931.22 crore to Defence out of the total outlay of Rs 27,84,200 crore of the interim Budget 2019-2020 announced on Friday. The Rs 3.18 lakh crore does not include the Defence Pension which stands at Rs 1,12 lakh crore in Budget estimates for financial year 19-20. The allocation of Rs 3.18 lakh crore represents a growth of 7.93 per cent over Budget estimates of FY 2018-19 of Rs 2.95 lakh crore and 6.87 per cent over revised estimates at Rs 2. 98 lakh crore. While announcing the Budget Interim Finance Minister Piyush Goyal said," Our Defence Budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided." According to an Army release, "the total defence allocation including the defence pension accounts for 15.48 per cent of the total central government expenditure for the year 2019-20". The release explained that out of Rs 3.18 lakh crore allocated for financial year 2019-20, Rs 2.10 lakh crore is for revenue (net) expenditure and Rs 1.08 lakh crore for capital expenditure for the defence services and the departments under the defence ministry. The Rs 1.08 crore amount allocated for capital expenditure includes the amount for modernisation. Piyush Goyal while speaking in the parliament on Friday also said that the current government has disbursed over Rs 35000 crore for implementation of One Rank One Pension (OROP). He added," The Government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties"

Budget 2019: Defence gets Rs 3.18 lakh crore; 7% higher than last year

The <a href="http://www.wionews.com/india-news/budget-will-take-india-on-path-to-development-pm-modi-194378">interim Budget saw India</a> increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level.

According to Budget estimates for 2019-2020, <a href="http://www.wionews.com/business-economy/defence-budget-increased-over-rs-20000-crore-crosses-rs-300000-crore-for-first-time-194380">Maldives got Rs 400 crore grant</a> and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore. It is five- times increase from the sum India contributed in FY 2017-2018 which was just Rs 109.24 crore.&nbsp;

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament</a>

In the case of Maldives, even the revised <a href="http://www.wionews.com/business-economy/live-updates-union-budget-2019-194198">estimates for the financial year</a> 2018-2019 saw a massive increase. In last year's&nbsp;Budget, India had announced a contribution of Rs 125 crore, it was revised at Rs 440 crore.

It comes after Maldives President Ibrahim Solih&nbsp;visited India in December of 2018, his first foreign visit to any country after taking charge in November last year.&nbsp;During the visit, India had announced an assistance of $1.4 billion&nbsp;to Male.

Clearly, the change in regime in the Maldives has had an impact. The previous regime under Yameen had junked pro-India policies for a pro-China strategy.

For Afghanistan, a country in which India is building a number of infrastructure projects, the interim Budget gave Rs 325 crore. Last year also it was as much but in the revised estimates released on Friday, it increased to Rs 470 crore.&nbsp;

Bhutan, which is India's close partner and gets substantial budgetary support saw a grant of Rs 2,115 crore and a loan of Rs 500 crore. With Rs 2,615 crore, it is the maximum support India gives to any country. Nepal got Rs 700 crore, Myanmar got Rs 400 crore, Bangladesh got Rs 175 crore &amp; Sri Lanka Rs 150 crore in the interim Budget 2019-2020.&nbsp;

The Budget estimate for Chabahar port, India's key connectivity plan with Afghanistan and central Asia remained unchanged from the previous year at Rs 150 crore.

India also provides support to international and regional organisations. The amount given for SAARC and BIMSTEC Secretariat stands same at Rs 8 crore. Interestingly, BIMSTEC funds saw an increase from Rs 5 crore last year to Rs 8 crore this year. &nbsp;

The 2016 SAARC summit in Islamabad was cancelled after India along with regional countries like Bangladesh, Bhutan, Afghanistan boycotted the summit due to Islamabad's support to terrorism. BIMSTEC has seen a new push from New Delhi especially after the summit in Nepal last year.

India funds two universities also - &nbsp;The South Asian University and Nalanda International University -&nbsp; which saw Indian support worth Rs 380 crore and Rs 220 crore in the interim Budget.

For 2019-2020, India announced Rs 265 crore for United Nations, last year it was Rs 258 crore which revised estimates being increased at Rs 307 crore. This is excluding the contribution to its various bodies - like UNESCO and UNCTAD.

India will also give a membership contribution of Rs 0.70 cr to FATF under the interim Budget estimates.&nbsp;

Indian Ocean and Africa

Two Indian ocean countries - Mauritius and Seychelles, who have been getting aid historically from New Delhi, got Rs 700 crore and Rs 75 crore. Mauritius PM Pravind Kumar Jugnauth was on an 8-day long India visit only last week and was the chief guest at the Pravasi Bharatiya Divas in Varanasi.

India also increased its support to African countries with the Budget announcing Rs 400 crore this year. Last it was Rs 200 crore and before that, it was Rs 175 crore. This is an increase in line with New Delhi's Africa policy which has seen an increase in engagement with the African continent.&nbsp;

India also provides support to Mongolia. This year it has announced Rs 5 crore, which is&nbsp;same as last year.

The interim Budget saw India increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level. According to Budget estimates for 2019-2020, Maldives got Rs 400 crore grant and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore.

The interim Budget saw India increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level. According to Budget estimates for 2019-2020, Maldives got Rs 400 crore grant and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore. It is five- times increase from the sum India contributed in FY 2017-2018 which was just Rs 109.24 crore. Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament In the case of Maldives, even the revised estimates for the financial year 2018-2019 saw a massive increase. In last year's Budget, India had announced a contribution of Rs 125 crore, it was revised at Rs 440 crore. It comes after Maldives President Ibrahim Solih visited India in December of 2018, his first foreign visit to any country after taking charge in November last year. During the visit, India had announced an assistance of $1.4 billion to Male. Clearly, the change in regime in the Maldives has had an impact. The previous regime under Yameen had junked pro-India policies for a pro-China strategy. For Afghanistan, a country in which India is building a number of infrastructure projects, the interim Budget gave Rs 325 crore. Last year also it was as much but in the revised estimates released on Friday, it increased to Rs 470 crore. Bhutan, which is India's close partner and gets substantial budgetary support saw a grant of Rs 2,115 crore and a loan of Rs 500 crore. With Rs 2,615 crore, it is the maximum support India gives to any country. Nepal got Rs 700 crore, Myanmar got Rs 400 crore, Bangladesh got Rs 175 crore & Sri Lanka Rs 150 crore in the interim Budget 2019-2020. The Budget estimate for Chabahar port, India's key connectivity plan with Afghanistan and central Asia remained unchanged from the previous year at Rs 150 crore. India also provides support to international and regional organisations. The amount given for SAARC and BIMSTEC Secretariat stands same at Rs 8 crore. Interestingly, BIMSTEC funds saw an increase from Rs 5 crore last year to Rs 8 crore this year. The 2016 SAARC summit in Islamabad was cancelled after India along with regional countries like Bangladesh, Bhutan, Afghanistan boycotted the summit due to Islamabad's support to terrorism. BIMSTEC has seen a new push from New Delhi especially after the summit in Nepal last year. India funds two universities also - The South Asian University and Nalanda International University - which saw Indian support worth Rs 380 crore and Rs 220 crore in the interim Budget. For 2019-2020, India announced Rs 265 crore for United Nations, last year it was Rs 258 crore which revised estimates being increased at Rs 307 crore. This is excluding the contribution to its various bodies - like UNESCO and UNCTAD. India will also give a membership contribution of Rs 0.70 cr to FATF under the interim Budget estimates. Indian Ocean and Africa Two Indian ocean countries - Mauritius and Seychelles, who have been getting aid historically from New Delhi, got Rs 700 crore and Rs 75 crore. Mauritius PM Pravind Kumar Jugnauth was on an 8-day long India visit only last week and was the chief guest at the Pravasi Bharatiya Divas in Varanasi. India also increased its support to African countries with the Budget announcing Rs 400 crore this year. Last it was Rs 200 crore and before that, it was Rs 175 crore. This is an increase in line with New Delhi's Africa policy which has seen an increase in engagement with the African continent. India also provides support to Mongolia. This year it has announced Rs 5 crore, which is same as last year.

Budget 2019: India increases significant contribution to Maldives; BIMSTEC to get similar funds as SAARC

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its <a href="http://www.wionews.com/business-economy/key-expectations-from-indias-2019-20-interim-budget-194188">final federal budget </a>on Friday, months before elections.

Modi is facing growing discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. A local media report on Thursday quoted a government survey as saying the jobless rate was the highest in at least 45 years, putting further pressure on the government.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2019-what-is-interim-budget-and-how-is-it-different-from-the-regular-one-193702">What is interim Budget and how is it different from the regular one?</a>

Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.

The government is set to step up rural welfare spending by 16 per cent for the fiscal year beginning April to 1.3 trillion rupees ($18.25 billion), two government sources said, aiming to boost support in the countryside where more than two-thirds of India's 1.3 billion people live.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">How Union Budget 2019 is formulated and presented</a>

The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 percent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 percent, officials said.

Stung by opposition parties' victories in three state polls in December and need to call a national election by May, Modi has already exempted many small businesses from paying taxes under a unified goods and services tax (GST).

The government is now considering raising the income level at which people need to pay personal tax, long demand for the country's influential middle class.

"The pressure to further expand the farmer welfare programme ahead of the 2019 elections is high for PM Modi," said CLSA India.

More than 900 million people will be eligible to cast votes in the world's biggest ever democratic exercise and the pressure to woo them is intense.

Rahul Gandhi, the leader of the main opposition Congress party, is closing in on Modi's lead, according to polls. His promise of a minimum income for the poor has increased pressure on the government to make populist announcements in its budget.

The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, government sources said.

The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions.

That would fit with the expectations of a Reuters poll of economists.

The source said there was a chance that the government could take corrective action in March, with an expectation that the election schedule will be settled by that time and that public focus will shift to campaigning.

"In our view, with the upcoming polls gaining precedence, fiscal consolidation is likely to take a back seat," said Nirmal Bang, a brokerage.

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final federal budget on Friday, months before elections.

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final federal budget on Friday, months before elections. Modi is facing growing discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. A local media report on Thursday quoted a government survey as saying the jobless rate was the highest in at least 45 years, putting further pressure on the government. Also read: What is interim Budget and how is it different from the regular one? Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment. The government is set to step up rural welfare spending by 16 per cent for the fiscal year beginning April to 1.3 trillion rupees ($18.25 billion), two government sources said, aiming to boost support in the countryside where more than two-thirds of India's 1.3 billion people live. Also read: How Union Budget 2019 is formulated and presented The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 percent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 percent, officials said. Stung by opposition parties' victories in three state polls in December and need to call a national election by May, Modi has already exempted many small businesses from paying taxes under a unified goods and services tax (GST). The government is now considering raising the income level at which people need to pay personal tax, long demand for the country's influential middle class. "The pressure to further expand the farmer welfare programme ahead of the 2019 elections is high for PM Modi," said CLSA India. More than 900 million people will be eligible to cast votes in the world's biggest ever democratic exercise and the pressure to woo them is intense. Rahul Gandhi, the leader of the main opposition Congress party, is closing in on Modi's lead, according to polls. His promise of a minimum income for the poor has increased pressure on the government to make populist announcements in its budget. The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, government sources said. The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions. That would fit with the expectations of a Reuters poll of economists. The source said there was a chance that the government could take corrective action in March, with an expectation that the election schedule will be settled by that time and that public focus will shift to campaigning. "In our view, with the upcoming polls gaining precedence, fiscal consolidation is likely to take a back seat," said Nirmal Bang, a brokerage.

PM Narendra Modi looks to budget to shore up political base

Union minister Arun Jaitley who presided over the previous <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">four Budgets of the NDA government </a>said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor."

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The Interim Budget (2019) and a five year direction <a href="https://t.co/xWL5KjRwcl">https://t.co/xWL5KjRwcl</a>
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Jaitley is currently in the United States after undergoing surgery at a hospital in New York. He had left for the US last month, in his absence Piyush Goyal presented the interim Budget today.

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament</a>

"Interim Budgets are also an opportunity for the government of the day to introspect their performance of the last five years and place its facts before the people," he said, while adding,"the future vision is to make India a $5 trillion economy. By the middle of the next decade we will achieve this and thereafter, target doubling that size of the economy."

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Last year the Government restored the benefit of Standard Deduction to salaried taxpayer at Rs.40,000/-. This year this benefit is being extended to Rs.50,000/-.
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Jaitley in a tweet said that the <a href="http://www.wionews.com/business-economy/budget-2019-income-tax-refunds-to-be-processed-within-24-hours-says-fm-194308">Budget expanded spending</a> while pragmatically sticking to fiscal prudence. He complimented Piyush Goyal for delivering an "excellent Budget".

"Higher direct and indirect tax collections in 2016-17 and 2017-18 are an indicator of high growth in those two years. Growth is based on estimates, but tax collections are real."&nbsp;

"GST has already brought down most taxes on goods from 31% tax to the 18%, 12% and the 5% bracket," he asserted. "Never in the history of India during the five-year tenure of a government we have witnessed tax reduction and a middle class relief of this magnitude," Jaitley added.

Jaitley while speaking to ANI said: "What did the UPA do in their 10 years in power? A one-time loan waiver of Rs 70,000 crores. Only 52,000 crores were waived off and CAG report was that out of that Rs 52,000 crore a significant part of the money went to traders and businessmen and not to farmers."

"Now look at what we've been doing. Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation, every willing home is having electricity, every man has switched over the cooking methods," he said.

 
&nbsp;

Union minister Arun Jaitley who presided over the previous four Budgets of the NDA government said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor.

Union minister Arun Jaitley who presided over the previous four Budgets of the NDA government said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor." The Interim Budget (2019) and a five year direction https://t.co/xWL5KjRwcl — Arun Jaitley (@arunjaitley) February 1, 2019 × Jaitley is currently in the United States after undergoing surgery at a hospital in New York. He had left for the US last month, in his absence Piyush Goyal presented the interim Budget today. Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament "Interim Budgets are also an opportunity for the government of the day to introspect their performance of the last five years and place its facts before the people," he said, while adding,"the future vision is to make India a $5 trillion economy. By the middle of the next decade we will achieve this and thereafter, target doubling that size of the economy." Last year the Government restored the benefit of Standard Deduction to salaried taxpayer at Rs.40,000/-. This year this benefit is being extended to Rs.50,000/-. — Arun Jaitley (@arunjaitley) February 1, 2019 × Jaitley in a tweet said that the Budget expanded spending while pragmatically sticking to fiscal prudence. He complimented Piyush Goyal for delivering an "excellent Budget". "Higher direct and indirect tax collections in 2016-17 and 2017-18 are an indicator of high growth in those two years. Growth is based on estimates, but tax collections are real." "GST has already brought down most taxes on goods from 31% tax to the 18%, 12% and the 5% bracket," he asserted. "Never in the history of India during the five-year tenure of a government we have witnessed tax reduction and a middle class relief of this magnitude," Jaitley added. Jaitley while speaking to ANI said: "What did the UPA do in their 10 years in power? A one-time loan waiver of Rs 70,000 crores. Only 52,000 crores were waived off and CAG report was that out of that Rs 52,000 crore a significant part of the money went to traders and businessmen and not to farmers." "Now look at what we've been doing. Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation, every willing home is having electricity, every man has switched over the cooking methods," he said.

Higher direct and indirect tax collections indicator of high growth in last two years: Jaitley

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly.

The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget.

India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene.

The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31.&nbsp;

This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1. In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly. The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget. India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene. The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31. This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

Budget 2019: What is interim Budget and how is it different from the regular one?

The government will unveil its<a href="http://www.wionews.com/business-economy/ndas-interim-budget-on-friday-likely-to-offer-some-hope-and-relief-194176">&nbsp;budget&nbsp;for the 2019-20 fiscal year </a>on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts.

Also read: <a href="http://www.wionews.com/business-economy/budget-2019-what-is-interim-budget-and-how-is-it-different-from-the-regular-one-193702">What is interim Budget and how is it different from the regular one?</a>

The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent.

Also read: <a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">How Union Budget 2019 is formulated and presented</a>

Below is a list of some of the items expected in the&nbsp;budget, based on published media reports.

AGRICULTURE

Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion)

Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year

Expected to waive premium for taking insurance policy for food crops

Proposal for waiving interest on crop loans for farmers who pay on time

DIVESTMENT

Target of about $11 billion from state asset sales in FY 2019-20

Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp

METALS

Gold - Speculation around a duty cut

HEALTH

Budget&nbsp;allocation for health is likely to increase by 5 per cent from a year ago

Taxes

An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections

Higher tax exemptions for the middle class and for small businesses anticipated

BANKS

Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs

40 billion-rupee capital infusion for public-sector general insurers

AUTOS

Reduction of goods and services tax (GST) on electric vehicles and batteries

IT/TELECOM

Better digital infrastructure in rural areas

Abolition of the angel tax to boost start-ups

Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May. After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts. Also read: What is interim Budget and how is it different from the regular one? The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent. Also read: How Union Budget 2019 is formulated and presented Below is a list of some of the items expected in the budget, based on published media reports. AGRICULTURE Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion) Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year Expected to waive premium for taking insurance policy for food crops Proposal for waiving interest on crop loans for farmers who pay on time DIVESTMENT Target of about $11 billion from state asset sales in FY 2019-20 Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp METALS Gold - Speculation around a duty cut HEALTH Budget allocation for health is likely to increase by 5 per cent from a year ago Taxes An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections Higher tax exemptions for the middle class and for small businesses anticipated BANKS Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs 40 billion-rupee capital infusion for public-sector general insurers AUTOS Reduction of goods and services tax (GST) on electric vehicles and batteries IT/TELECOM Better digital infrastructure in rural areas Abolition of the angel tax to boost start-ups Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

Key expectations from India's 2019-20 interim budget

Calling the <a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">interim Budget </a>presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers.

The Congress post on its Twitter handle said, "After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla !".

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla!<a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a> <a href="https://twitter.com/hashtag/AakhriJumlaBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AakhriJumlaBudget</a> <a href="https://t.co/f6ocdzKByS">pic.twitter.com/f6ocdzKByS</a>
— Congress (@INCIndia) <a href="https://twitter.com/INCIndia/status/1091267874138644480?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Party President Rahul Gandhi also targetted the <a href="http://www.wionews.com/india-news/budget-will-take-india-on-path-to-development-pm-modi-194378">Modi government</a> over the <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Budget</a>.

" Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for, " Gandhi's tweet read.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Dear NoMo, 
 
5 years of your incompetence and arrogance has destroyed the lives of our farmers. 
 
Giving them Rs. 17 a day is an insult to everything they stand and work for. <a href="https://twitter.com/hashtag/AakhriJumlaBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AakhriJumlaBudget</a>
— Rahul Gandhi (@RahulGandhi) <a href="https://twitter.com/RahulGandhi/status/1091267096938467328?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Former Union minister and Congress leader P Chidambaram termed the Budget as "an account for votes" adding that the 2019&nbsp;Budget was accompanied by an election campaign speech.

"The Interim Finance Minister tested our patience by the longest interim Budget speech in the recent memory. It was not an interim Budget, it was a full-fledged Budget accompanied by an election campaign speech.... My one line comment on the Budget is that it is not a vote on account but an account for votes."

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
P Chidambaram, Congress on <a href="https://twitter.com/hashtag/Budget2019?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2019</a>: The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech. <a href="https://t.co/AlY8uxmQpD">https://t.co/AlY8uxmQpD</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091263193190522881?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Congress leader Shashi Tharoor questioned the credibility of the&nbsp;income support assured to the farmers under the Budget. He however praised the government's move of providing tax exemption to the middle class.

Tharoor said, " The whole exercise has turned out to be a damp squib. We have seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?"

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
S Tharoor, Congress: The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&amp;dignity? <a href="https://t.co/kZDRhkKSWi">pic.twitter.com/kZDRhkKSWi</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091250025655463938?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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TMC chief Mamata Banerjee said, "This government has no moral authority or responsibility to place the budget for five years when they'll not be in power; the government will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless".

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WB CM Mamata Banerjee: This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless. <a href="https://t.co/rK4CBge5Sw">pic.twitter.com/rK4CBge5Sw</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1091283305909997570?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Speaking to reporters outside Parliament, leader of Congress in Lok Sabha Mallikarjun Kharge said the promises made by the BJP in this Budget are mere poll sops and "jumlas", which will not be fulfilled as the BJP has a mandate to rule only till May this year.

Further calling it as BJP's election manifesto, he charged the party of bribing to voters.

"This is all being done for elections. I directly charge them of paying bribe to voters.There is politics in everything they do and there is nothing for the poor in this budget...This budget is only an election manifesto that the BJP read in Parliament and it is only for getting votes," Kharge said.

"They are distributing money in elections to please farmers, but the reality is that in the first three months they would give only Rs 2,000 in first instalment," he said.

On the announcement of Income Tax exemption up to Rs 5 lakh to tax-payers, he alleged the BJP parliamentarians are creating a 'tamasha' in Parliament.

"You have a mandate up to May and instead they have presented a full year's Budget and are trying to befool the people of the country, keeping elections in mind.

"Who will fulfil these promises made. If they do not come to power, who will fulfil these promises. The next government will come and only it can deliver".

Karnataka chief minister Kumaraswamy said, "I want to ask if this Budget was prepared by officials of Finance department or RSS? In this Budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget".

(With inputs from agencies)

Calling the interim Budget presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers.

Calling the interim Budget presented by Centre on Friday as "yet another jumla", the Congress hit out at the BJP led government claiming that the Budget was an insult to the farmers. The Congress post on its Twitter handle said, "After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla !". After having failed to deliver on any of the promises to farmers, Modi govt insults them once again with yet another jumla!#Budget2019 #AakhriJumlaBudget pic.twitter.com/f6ocdzKByS — Congress (@INCIndia) February 1, 2019 × Party President Rahul Gandhi also targetted the Modi government over the Budget. " Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for, " Gandhi's tweet read. Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives of our farmers. Giving them Rs. 17 a day is an insult to everything they stand and work for. #AakhriJumlaBudget — Rahul Gandhi (@RahulGandhi) February 1, 2019 × Former Union minister and Congress leader P Chidambaram termed the Budget as "an account for votes" adding that the 2019 Budget was accompanied by an election campaign speech. "The Interim Finance Minister tested our patience by the longest interim Budget speech in the recent memory. It was not an interim Budget, it was a full-fledged Budget accompanied by an election campaign speech.... My one line comment on the Budget is that it is not a vote on account but an account for votes." P Chidambaram, Congress on #Budget2019: The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech. https://t.co/AlY8uxmQpD — ANI (@ANI) February 1, 2019 × Congress leader Shashi Tharoor questioned the credibility of the income support assured to the farmers under the Budget. He however praised the government's move of providing tax exemption to the middle class. Tharoor said, " The whole exercise has turned out to be a damp squib. We have seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?" S Tharoor, Congress: The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&dignity? pic.twitter.com/kZDRhkKSWi — ANI (@ANI) February 1, 2019 × TMC chief Mamata Banerjee said, "This government has no moral authority or responsibility to place the budget for five years when they'll not be in power; the government will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless". WB CM Mamata Banerjee: This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless. pic.twitter.com/rK4CBge5Sw — ANI (@ANI) February 1, 2019 × Speaking to reporters outside Parliament, leader of Congress in Lok Sabha Mallikarjun Kharge said the promises made by the BJP in this Budget are mere poll sops and "jumlas", which will not be fulfilled as the BJP has a mandate to rule only till May this year. Further calling it as BJP's election manifesto, he charged the party of bribing to voters. "This is all being done for elections. I directly charge them of paying bribe to voters.There is politics in everything they do and there is nothing for the poor in this budget...This budget is only an election manifesto that the BJP read in Parliament and it is only for getting votes," Kharge said. "They are distributing money in elections to please farmers, but the reality is that in the first three months they would give only Rs 2,000 in first instalment," he said. On the announcement of Income Tax exemption up to Rs 5 lakh to tax-payers, he alleged the BJP parliamentarians are creating a 'tamasha' in Parliament. "You have a mandate up to May and instead they have presented a full year's Budget and are trying to befool the people of the country, keeping elections in mind. "Who will fulfil these promises made. If they do not come to power, who will fulfil these promises. The next government will come and only it can deliver". Karnataka chief minister Kumaraswamy said, "I want to ask if this Budget was prepared by officials of Finance department or RSS? In this Budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget". (With inputs from agencies)

It was not an interim Budget but a full fledged Budget: Chidambaram

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019.

Here is how experts reacted to the Budget:

Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai

"The fiscal deficit flat at 3.4 per cent of GDP, which is a sharp deviation from fiscal consolidation roadmap, is a disappointment. The consequent numbers of both net and gross market borrowings seem higher than the market expectation."

"Fiscal slippage on the back of more spending to support the consumer class will probably delay the rate cut by the monetary policy committee and these concerns will weigh on the bond markets."

"The fillip to the consumer/farm demand is expected to provide the much-needed support to the fading private consumption demand.

Tanvee Gupta Jain, Chief India Economist, UBS Securities India, Mumbai

"The fiscal deficit target for this year was largely in line with market expectations but the fiscal deficit target at 3.4 per cent for full-year 2020 was a little disappointing."

"Populism remained the focus ahead of elections. The budget provided a consumption boost to farmers and middle-class households. However, it will further delay the much-needed investment cycle recovery."

Anubhuti Sahay, Senior Economist, Standard Chartered Bank, Mumbai

"The fiscal deficit targets for FY19 as well as FY20 are far better than market expectations, though there is a slight slippage... It is likely to bring a lot of relief to the market, which was excessively worried about the massive fiscal slippage."

"Having said that, what we would like to see are its revenue projections and it is possible that the projections might be ambitious at this particular juncture. Maybe once we get the numbers going forward there can be some worries again around the fiscal deficit, whether it can be adhered to or not."

"The Budget was focused on farmers and the middle class that should help consumption and probably support the domestic growth." 
 
Shilan Shah, Senior India Economist, Capital Economics, Singapore

"Pretty much in line with what was expected. The one thing that has surprised is the extent of election-related sweeteners that have been rolled out."

"So, we thought there would be less space to announce big giveaways, but the government has actually managed to pull it off, at least on paper."

"I think ultimately, their spending plans look very unfeasible to me, so I wouldn't be surprised to see spending get cut later in the year."

"It looks pretty difficult to achieve but it seems to be based on quite ambitious revenue projections."&nbsp;

"The biggest stops that we have seen are the giveaways for farmers especially."

Garima Kapoor, Economist and Vice President, Elara Capital, Mumbai

"The Budget is clearly farm-focused, with elections on the mind. Farmers, age-old, unorganised sector, MSME and middle class - they're all finding favour, with the agricultural sector getting the biggest support."

"The 750 billion rupees in the Centre's Budget for the farmers' scheme is a huge number, so we need to watch out for where the funding is coming from. If the scheme is implemented well, you can expect consumption to be supported next year."

"The catch here is, even if the BJP does not come back to power in May, the new government will also implement this scheme because no government will want to look anti-poor or anti-farmer. The government will have to find fresh resources to the tune of 750 billion rupees."

"Although the equity markets will be happy because of the consumption boost, the bond market may not be, as we need to see the intricacies of how much is getting funded through what route and what deficit numbers."

"If the government has provided enough consumption boost, then RBI would want to take a cautious stance and would not undertake a rate cut."

Rupa Rege Nitsure, Group Chief Economist, L&amp;T Finance Holdings, Mumbai

"It's more of performance reporting and aspirations than any big-ticket changes. This was expected as it is an interim Budget valid for a few months. It needs to be stated in an unambiguous fashion that the credit for inflation control and AQR primarily goes to the RBI." 
 
Abheek Barua, Chief Economist, HDFC Bank, Delhi

"This is on expected lines. There is a slight slip in the fiscal deficit."

"The new income support scheme is tepid, in terms of the actual numbers. It should not lead to a blowout in the fiscal deficit if it indeed is part of the Budget when it is finally announced in full form."

"The only issue here is that there is no substitution away from indirect benefits in the form of subsidies to a direct transfer. This is on top of some benefits they are receiving."

"If this is the model going forward, let's see what fiscal implications it might have." "This is a top-up on an existing regime and that is something that worries me, but not at this stage." 
 
(Disclaimer: The opinions expressed above are the personal views of the experts and do not reflect the views of ZMCL)

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019. Here is how experts reacted to the Budget: Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai "The fiscal deficit flat at 3.

The NDA government poured extra money into the support for farmers, delivering on Friday its last Budget ahead of the Lok Sabha elections 2019. Here is how experts reacted to the Budget: Upasna Bharadwaj, Senior Economist, Kotak Mahindra Bank, Mumbai "The fiscal deficit flat at 3.4 per cent of GDP, which is a sharp deviation from fiscal consolidation roadmap, is a disappointment. The consequent numbers of both net and gross market borrowings seem higher than the market expectation." "Fiscal slippage on the back of more spending to support the consumer class will probably delay the rate cut by the monetary policy committee and these concerns will weigh on the bond markets." "The fillip to the consumer/farm demand is expected to provide the much-needed support to the fading private consumption demand. Tanvee Gupta Jain, Chief India Economist, UBS Securities India, Mumbai "The fiscal deficit target for this year was largely in line with market expectations but the fiscal deficit target at 3.4 per cent for full-year 2020 was a little disappointing." "Populism remained the focus ahead of elections. The budget provided a consumption boost to farmers and middle-class households. However, it will further delay the much-needed investment cycle recovery." Anubhuti Sahay, Senior Economist, Standard Chartered Bank, Mumbai "The fiscal deficit targets for FY19 as well as FY20 are far better than market expectations, though there is a slight slippage... It is likely to bring a lot of relief to the market, which was excessively worried about the massive fiscal slippage." "Having said that, what we would like to see are its revenue projections and it is possible that the projections might be ambitious at this particular juncture. Maybe once we get the numbers going forward there can be some worries again around the fiscal deficit, whether it can be adhered to or not." "The Budget was focused on farmers and the middle class that should help consumption and probably support the domestic growth." Shilan Shah, Senior India Economist, Capital Economics, Singapore "Pretty much in line with what was expected. The one thing that has surprised is the extent of election-related sweeteners that have been rolled out." "So, we thought there would be less space to announce big giveaways, but the government has actually managed to pull it off, at least on paper." "I think ultimately, their spending plans look very unfeasible to me, so I wouldn't be surprised to see spending get cut later in the year." "It looks pretty difficult to achieve but it seems to be based on quite ambitious revenue projections." "The biggest stops that we have seen are the giveaways for farmers especially." Garima Kapoor, Economist and Vice President, Elara Capital, Mumbai "The Budget is clearly farm-focused, with elections on the mind. Farmers, age-old, unorganised sector, MSME and middle class - they're all finding favour, with the agricultural sector getting the biggest support." "The 750 billion rupees in the Centre's Budget for the farmers' scheme is a huge number, so we need to watch out for where the funding is coming from. If the scheme is implemented well, you can expect consumption to be supported next year." "The catch here is, even if the BJP does not come back to power in May, the new government will also implement this scheme because no government will want to look anti-poor or anti-farmer. The government will have to find fresh resources to the tune of 750 billion rupees." "Although the equity markets will be happy because of the consumption boost, the bond market may not be, as we need to see the intricacies of how much is getting funded through what route and what deficit numbers." "If the government has provided enough consumption boost, then RBI would want to take a cautious stance and would not undertake a rate cut." Rupa Rege Nitsure, Group Chief Economist, L&T Finance Holdings, Mumbai "It's more of performance reporting and aspirations than any big-ticket changes. This was expected as it is an interim Budget valid for a few months. It needs to be stated in an unambiguous fashion that the credit for inflation control and AQR primarily goes to the RBI." Abheek Barua, Chief Economist, HDFC Bank, Delhi "This is on expected lines. There is a slight slip in the fiscal deficit." "The new income support scheme is tepid, in terms of the actual numbers. It should not lead to a blowout in the fiscal deficit if it indeed is part of the Budget when it is finally announced in full form." "The only issue here is that there is no substitution away from indirect benefits in the form of subsidies to a direct transfer. This is on top of some benefits they are receiving." "If this is the model going forward, let's see what fiscal implications it might have." "This is a top-up on an existing regime and that is something that worries me, but not at this stage." (Disclaimer: The opinions expressed above are the personal views of the experts and do not reflect the views of ZMCL)

Expert's view: How Budget 2019 impacts farmers and middle class

An outlay of Rs 3.05 lakh crore was set aside for the<a href="http://www.wionews.com/business-economy/union-budget-2019-rs-64587-crore-budgetary-support-for-railways-in-2019-20-says-goyal-194329"> defence Budget for 2019-20 </a>which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.

Presenting an interim <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Budget for 2019-20 </a>in Parliament, Union Minister for finance and corporate affairs Piyush Goyal said additional funds, if necessary, would be provided to secure the country's borders and maintain defence preparedness.

"Our defence budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided," he said.

Referring to strengthening defence and national security, Goyal said the soldiers protect India's borders in tough conditions and that due care has been taken for them.

He said the issue of One Rank One Pension (OROP) which was pending for the last 40 years has been resolved.

"The previous governments announced it in three budgets but sanctioned a mere Rs 500 crore in 2014-15 interim budget. In contrast we have already disbursed over Rs 35,000 crore after implementing the scheme in its true spirit," he said.

He said the government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances were given to naval and air force personnel deployed in high-risk duties.&nbsp;

After the defence Budget was announced, shares of companies related to defence sector rose up to 5 per cent as an outlay of Rs 3.05 lakh crore was set aside for the sector for 2019-20.

Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE.

An outlay of Rs 3.05 lakh crore was set aside for the defence Budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.

An outlay of Rs 3.05 lakh crore was set aside for the defence Budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal. Presenting an interim Budget for 2019-20 in Parliament, Union Minister for finance and corporate affairs Piyush Goyal said additional funds, if necessary, would be provided to secure the country's borders and maintain defence preparedness. "Our defence budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided," he said. Referring to strengthening defence and national security, Goyal said the soldiers protect India's borders in tough conditions and that due care has been taken for them. He said the issue of One Rank One Pension (OROP) which was pending for the last 40 years has been resolved. "The previous governments announced it in three budgets but sanctioned a mere Rs 500 crore in 2014-15 interim budget. In contrast we have already disbursed over Rs 35,000 crore after implementing the scheme in its true spirit," he said. He said the government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances were given to naval and air force personnel deployed in high-risk duties. After the defence Budget was announced, shares of companies related to defence sector rose up to 5 per cent as an outlay of Rs 3.05 lakh crore was set aside for the sector for 2019-20. Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE.

Defence Budget increased over Rs 20,000 crore; crosses Rs 3,00,000 crore for first time

After the government presented its final Budget,<a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324"> PM </a><a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">Modi</a><a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324"> while addressing the n</a>ation said the Budget will bring positive changes in the country.

"Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country."

<a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Also Read: Big takeaways from Union Budget 2019</a>

PM Modi said the economy <a href="http://www.wionews.com/business-economy/live-updates-union-budget-2019-194198">will run at a renewed pace after </a>the Budget. He said the middle class will stand to gain due to the present Budget.

"Middle class dreams have been fueled by the Budget," he said. "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor," he added.&nbsp;

Piyush Goel had announced major tax incentive for the middle class with individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) being exempted from paying tax. The Modi government also announced tax relief for the middle-income group by raising the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh.

The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. &nbsp;"There was always demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our government has fulfilled it," PM Modi said.&nbsp;

The prime minister said historic steps have been taken for farmers. The government had announced Pradhan Mantri Kisan Samman Nidhi scheme under which Rs 6,000 per year would be transferred to each farmer in three instalments directly to his bank account. It is applicable for those farmers who have less than two hectares land.

"Poverty has almost been wiped out," the PM said. "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from the growth of the <a href="http://www.wionews.com/business-economy/union-budget-2019-rs-64587-crore-budgetary-support-for-railways-in-2019-20-says-goyal-194329">economy to development of New India</a>, everyone has been taken care of in this interim Budget," the prime minister asserted.

"This is an interim Budget. This is just a trailer of the Budget which, after elections, will take India on the path to development," he said.&nbsp; 
&nbsp;

After the government presented its final Budget, PM Modi while addressing the nation said the Budget will bring positive changes in the country. "Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country.

After the government presented its final Budget, PM Modi while addressing the nation said the Budget will bring positive changes in the country. "Various government schemes will help the marginalised section of society," the prime minister asserted, adding,"it will bring down the poverty level in the country." Also Read: Big takeaways from Union Budget 2019 PM Modi said the economy will run at a renewed pace after the Budget. He said the middle class will stand to gain due to the present Budget. "Middle class dreams have been fueled by the Budget," he said. "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor," he added. Piyush Goel had announced major tax incentive for the middle class with individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) being exempted from paying tax. The Modi government also announced tax relief for the middle-income group by raising the tax exemption limit from Rs 2 lakh to Rs 2.5 lakh. The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. "There was always demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our government has fulfilled it," PM Modi said. The prime minister said historic steps have been taken for farmers. The government had announced Pradhan Mantri Kisan Samman Nidhi scheme under which Rs 6,000 per year would be transferred to each farmer in three instalments directly to his bank account. It is applicable for those farmers who have less than two hectares land. "Poverty has almost been wiped out," the PM said. "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from the growth of the economy to development of New India, everyone has been taken care of in this interim Budget," the prime minister asserted. "This is an interim Budget. This is just a trailer of the Budget which, after elections, will take India on the path to development," he said.

Budget will take India on path to development: PM Modi

Madam Speaker, I rise to present the Interim Budget for the year 2019-20. PART A 2. I am deeply conscious of the absence of Shri Arun Jaitley today. Also read: Big takeaways from Union Budget 2019 I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and long life in the service of the nation.

Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament

The Interim Budget was presented today by the government as the finance minister Piyush Goyal announced sops for people and analysed the promises on which they have stood by.

Talking about the entertainment industry of India, with a special focus on the films, Goyal announced that there will now be a “single window clearance for filmmaking to be made available to filmmakers” along with “anti-camcording provision to be introduced to the Cinematography Act to fight piracy.”

As soon as the announcement was made during the budget at the parliament, people took to their social media handles to celebrate this. Among those for whom this matters, producer Siddharth Roy Kapur who is also the president of Producers Guild of India revealed how happy he was in a freshly issued statement.&nbsp;

The statement reads: “We are delighted that the immense contribution of Indian cinema towards employment generation in the country has been acknowledged and applauded in Parliament during the presentation of the Union Budget. The announcement of a single-window clearance mechanism for Indian filmmakers filming within India is a significant step and has the potential to play a huge role in boosting tourism in the country.”&nbsp;

He added, “The amendments in the Anti Camcording provisions will support the industry’s growth by curtailing illegal recordings of films in cinema halls and will go a long way towards reducing piracy.”

On another note, Goyal made a <a href="http://www.wionews.com/entertainment/finance-minister-piyush-goyal-makes-reference-to-war-film-uri-in-budget-paresh-rawal-seen-smiling-194315">reference to the&nbsp;hit film 'Uri' </a>as he presented the budget. Paresh Rawal who was present in the parliament was seen smiling on his film's mention and was soon joined by others who looked visibly pleased.&nbsp;

For full coverage on the Interim Budget, <a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">click here</a>.&nbsp;

The Interim Budget was presented today by the government as the finance minister Piyush Goyal announced sops for people and analysed the promises on which they have stood by.

The Interim Budget was presented today by the government as the finance minister Piyush Goyal announced sops for people and analysed the promises on which they have stood by. Talking about the entertainment industry of India, with a special focus on the films, Goyal announced that there will now be a “single window clearance for filmmaking to be made available to filmmakers” along with “anti-camcording provision to be introduced to the Cinematography Act to fight piracy.” As soon as the announcement was made during the budget at the parliament, people took to their social media handles to celebrate this. Among those for whom this matters, producer Siddharth Roy Kapur who is also the president of Producers Guild of India revealed how happy he was in a freshly issued statement. The statement reads: “We are delighted that the immense contribution of Indian cinema towards employment generation in the country has been acknowledged and applauded in Parliament during the presentation of the Union Budget. The announcement of a single-window clearance mechanism for Indian filmmakers filming within India is a significant step and has the potential to play a huge role in boosting tourism in the country.” He added, “The amendments in the Anti Camcording provisions will support the industry’s growth by curtailing illegal recordings of films in cinema halls and will go a long way towards reducing piracy.” On another note, Goyal made a reference to the hit film 'Uri' as he presented the budget. Paresh Rawal who was present in the parliament was seen smiling on his film's mention and was soon joined by others who looked visibly pleased. For full coverage on the Interim Budget, click here.

Siddharth Roy Kapur on Budget: Glad that Indian cinema's contribution to employment has been acknowledged

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax.&nbsp;

Goyal made the populist announcement while presenting the Interim Budget in the parliament.&nbsp;

Currently, resident individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) are exempted from tax.&nbsp;

Narendra Modi-led government provided tax relief to taxpayers earlier as well. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh.&nbsp;

The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000.

He also said that individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.&nbsp;

Sops for farmers

"Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding," Goyal said.

"This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living," he said, adding that Rs 20,000 crore would also be added in the revised estimates of this year as well.

The date for the scheme's implementation has been fixed as December 2018. The first instalment will be sent to the farmers in the next few days, the FM added.

In another major sop announced for the agrarian community, the animal husbandry and fisheries farmers will also be provided with the Kisan Credit Card. A 2 per cent interest subvention will be granted, Goyal said, adding that it would be increased to 3 per cent if the repayment is done on time.

In addition to the interest subvention for farmers in the animal husbandry and fisheries sector, the relief measure will also be extended to all among the agrarian class who gets affected by natural calamities.

"In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment," Goyal announced.

Mega pension scheme&nbsp;

Targeting a huge electorate ahead of the 2019 polls, the finance minister announced a mega pension scheme to provide assured pension of Rs. 3000 rupees per month to nearly 10 crore people working in largely fragmented informal sector.

These informal workers joining the pension scheme at 18 years will pay Rs. 55 per month and Rs. 100 if joining at the age of 29. The pension will be paid once they reached the age of 60.

“(We are starting) Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age," Goyal said in his Budget speech.

“Will benefit 10 crore workers in the unorganised sector, may become the world's biggest pension scheme for the unorganised sector in five years," he added.

Domestic workers, beedi workers, small shop workers among others may benefit from the announcement but the details on how it will be implemented and how the government will calculate the income threshold is yet to be spelt out.

Goyal also doubled gratuity cap to Rs 20 lakh from 10 lakh.&nbsp;

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax. Goyal made the populist announcement while presenting the Interim Budget in the parliament.

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax. Goyal made the populist announcement while presenting the Interim Budget in the parliament. Currently, resident individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) are exempted from tax. Narendra Modi-led government provided tax relief to taxpayers earlier as well. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. He also said that individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Sops for farmers "Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding," Goyal said. "This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living," he said, adding that Rs 20,000 crore would also be added in the revised estimates of this year as well. The date for the scheme's implementation has been fixed as December 2018. The first instalment will be sent to the farmers in the next few days, the FM added. In another major sop announced for the agrarian community, the animal husbandry and fisheries farmers will also be provided with the Kisan Credit Card. A 2 per cent interest subvention will be granted, Goyal said, adding that it would be increased to 3 per cent if the repayment is done on time. In addition to the interest subvention for farmers in the animal husbandry and fisheries sector, the relief measure will also be extended to all among the agrarian class who gets affected by natural calamities. "In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment," Goyal announced. Mega pension scheme Targeting a huge electorate ahead of the 2019 polls, the finance minister announced a mega pension scheme to provide assured pension of Rs. 3000 rupees per month to nearly 10 crore people working in largely fragmented informal sector. These informal workers joining the pension scheme at 18 years will pay Rs. 55 per month and Rs. 100 if joining at the age of 29. The pension will be paid once they reached the age of 60. “(We are starting) Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age," Goyal said in his Budget speech. “Will benefit 10 crore workers in the unorganised sector, may become the world's biggest pension scheme for the unorganised sector in five years," he added. Domestic workers, beedi workers, small shop workers among others may benefit from the announcement but the details on how it will be implemented and how the government will calculate the income threshold is yet to be spelt out. Goyal also doubled gratuity cap to Rs 20 lakh from 10 lakh.

Budget 2019: Interim Budget delights farmers; middle class wooed with tax rebates

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget:

No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. &nbsp;Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes.

The Finance Minister also said, "Individuals with gross income up to Rs&nbsp;6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000.

Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said.

Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today.

Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20.

One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added.

Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away.

Finance Minister Piyush Goyal today presented the final Budget of Narendra Modi government's current tenure. This was an interim Budget, keeping in view the elections which are just months away. The Budget was focussed on farmers and unorganised sectors for which Goyal announced a number of schemes. Here are the big takeaways from this year's Budget: No tax for income upto Rs 5 lakh: Piyush Goyal proposed that individuals earning up to Rs 5 lakh would get a full tax rebate for this fiscal. Since this is a rebate and not a slab change, it will not impact the tax incidence of those with larger incomes. The Finance Minister also said, "Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities." Standard deduction too has been increased to Rs 50,000 from the current level of Rs 40,000. Assured farmer income: Piyush Goyal announced in his Budget speech that the government has decided to provide Rs 6000 per income support to farmers who hold less than two hectares of land. The amounts, Goyal said, will be provided under Pradhan Mantri Kisan Samman Nidhi in three instalments. "The scheme will benefit 12 crore families and cost government Rs 75,000 crore per year," Goyal said. Pension for 10 crore labourers: Goyal also announced a pension scheme for the unorganised sector. "A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age," he said in his Budget speech today. Highest ever defence budget: The government also showcased its resolve towards the defence forces by enhancing the defence budget beyond Rs 3 lakh crore, the highest in any year so far. "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided," he said presenting the Interim Budget for 2019-20. One lakh digital villages: Goyal said that mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world. "We aim to have one lakh digital villages in the next five years," he added. Power for all by March 2019: Highlighting the government's focus on providing power to all, the finance minister said 2.5 crore families were without electricity in 2014 and that the government has provided power to almost all families. "Through Saubhagya scheme, every village in India has been connected to electricity and by March 2019, all families will get electricity," Goyal said.

Big takeaways from Union Budget 2019

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20.

Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East.&nbsp;

"All unmanned level crossings on broad gauge network have been completely eliminated," he said.&nbsp;

He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20.

"In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore."

Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East. "All unmanned level crossings on broad gauge network have been completely eliminated," he said. He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20. "In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore." Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Union Budget 2019: Rs 64,587 crore support for railways in 2019-20, says Goyal

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer.

The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Big takeaways from Union Budget 2019</a>

In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. 
The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20.

As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. 
Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent.

Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. &nbsp; &nbsp;&nbsp;

Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&amp;M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&amp;T, rising up to 7.51 per cent.

Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices.

Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent.

The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget. Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer. The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25. Also read: Big takeaways from Union Budget 2019 In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20. As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent. Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent. Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices. Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent. The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

Budget 2019: Sensex rallies over 500 points; Nifty nears 11,000 mark

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

He said the government is committed to eliminating the ills of black money.

"Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha.&nbsp;

The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday. He said the government is committed to eliminating the ills of black money. "Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha. The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Budget 2019: Rs 1.30 lakh cr undisclosed income detected post anti-black money measures

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am.

The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

<a href="http://www.wionews.com/photos/nine-landmark-budgets-and-their-impact-on-republic-of-india-194050">In pics: Nine landmark budgets and their impact on the Republic of India</a>

Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief:

Printing of Budget documents begins with 'Halwa' ceremony

The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'.

Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget.

As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry.

This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up.

Secrecy of top level

The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process.

A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.

They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail.

Only very senior officials in the finance ministry are permitted to go home.

The budget process

Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.

During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry.

The budget speech

Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament.

After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech".

The two-part Budget speech contains an overview of the economy and tax proposals.

The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget.

In Rajya Sabha

Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before.

The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha. In pics: Nine landmark budgets and their impact on the Republic of India Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief: Printing of Budget documents begins with 'Halwa' ceremony The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'. Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget. As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry. This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up. Secrecy of top level The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process. A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha. They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail. Only very senior officials in the finance ministry are permitted to go home. The budget process Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal. During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry. The budget speech Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament. After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech". The two-part Budget speech contains an overview of the economy and tax proposals. The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget. In Rajya Sabha Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before. The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Union Budget 2019: How it is formulated and presented

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday.

Speaking to ANI, Goel said," I request all the Opposition parties not to politicize issues and block the Bills. It will send out a wrong message to the public about them. All the Bills will be passed in accordance with the laid-down procedure."

The Vote on Account to be presented on Friday will only be for three months before the new government presents a full-fledged Budget in July.

Union Railways Minister Piyush Goyal who has taken interim charge of the Finance Ministry will be presenting the budget on February 1.

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday.

BJP leader and former Minister of Youth Affairs and Sports Vijay Goel urged the Opposition not to politicise issues and stall the Bills related to development during the Budget Session of Parliament that opened on Thursday. Speaking to ANI, Goel said," I request all the Opposition parties not to politicize issues and block the Bills. It will send out a wrong message to the public about them. All the Bills will be passed in accordance with the laid-down procedure." The Vote on Account to be presented on Friday will only be for three months before the new government presents a full-fledged Budget in July. Union Railways Minister Piyush Goyal who has taken interim charge of the Finance Ministry will be presenting the budget on February 1.

Union Budget 2019: BJP's Vijay Goel urges Opposition not to stall Bills during Budget Session

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours.

“Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI.

“I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added.

Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said.

Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.”

“The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee.

“As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added.&nbsp;

This will be the last Budget of the current BJP-led NDA government before the General Elections.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector. Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours. “Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI. “I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added. Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said. Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.” “The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee. “As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added. This will be the last Budget of the current BJP-led NDA government before the General Elections.

Union budget 2019: Defence experts pitch for an increase in funds

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in 
Parliament will be a "black day" for the state and called for protests.

In his daily teleconference with the Telugu Desam Party (TDP) leaders, Naidu said the Centre had cheated the state in the last five budgets.

"February 1 is a black day for the state. The BJP-led government at the Centre has discriminated against the state at every step. Unless the BJP is trounced at the hustings, justice will not be done to Andhra Pradesh (AP)," the chief minister said.

He asked his party cadre to observe peaceful protests by sporting black badges and showing black flags when the Centre presents the budget for 2019-20.

Referring to reports in China Global Times, a newspaper in China, Naidu said failures of Prime Minister Narendra Modi's government were being publicised even in China.

"The country has been pushed into chaos under Modi's rule. There is widespread antagonism towards Modi due to unemployment. People are opposing the BJP," he said.

The Andhra chief minister alleged discrimination against the state with regard to the central government releasing funds on Tuesday to various states through the National Disaster Relief Fund.

"Maharashtra has been given Rs 4,717 crore while AP got only Rs 900 crore for drought relief. Andhra suffered extensive damage running into thousands of crores of rupees due to cyclone Titli. Cyclone Phethai also caused severe destruction, but the Centre did not grant even a rupee," Naidu lamented.

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in Parliament will be a "black day" for the state and called for protests.

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in Parliament will be a "black day" for the state and called for protests. In his daily teleconference with the Telugu Desam Party (TDP) leaders, Naidu said the Centre had cheated the state in the last five budgets. "February 1 is a black day for the state. The BJP-led government at the Centre has discriminated against the state at every step. Unless the BJP is trounced at the hustings, justice will not be done to Andhra Pradesh (AP)," the chief minister said. He asked his party cadre to observe peaceful protests by sporting black badges and showing black flags when the Centre presents the budget for 2019-20. Referring to reports in China Global Times, a newspaper in China, Naidu said failures of Prime Minister Narendra Modi's government were being publicised even in China. "The country has been pushed into chaos under Modi's rule. There is widespread antagonism towards Modi due to unemployment. People are opposing the BJP," he said. The Andhra chief minister alleged discrimination against the state with regard to the central government releasing funds on Tuesday to various states through the National Disaster Relief Fund. "Maharashtra has been given Rs 4,717 crore while AP got only Rs 900 crore for drought relief. Andhra suffered extensive damage running into thousands of crores of rupees due to cyclone Titli. Cyclone Phethai also caused severe destruction, but the Centre did not grant even a rupee," Naidu lamented.

Union budget 2019: Andhra Pradesh chief minister calls for protests on budget day; says Centre 'cheated' state

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct &amp; Indirect Taxes etc, used in the annual financial statement.

These definitions are provided by the Finance Ministry.

Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit.

Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments.

Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged.

Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates.

Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy.

Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills.

Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions.

Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. 
&nbsp;

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one. As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct & Indirect Taxes etc, used in the annual financial statement. These definitions are provided by the Finance Ministry. Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit. Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments. Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged. Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates. Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy. Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget. Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills. Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions. Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Fiscal deficit, cut motion, guillotine: Terms to know for Budget

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