Finance Minister Arun Jaitley is all set to present the fifth budget of the Modi Government. The penultimate budget before the Lok Sabha polls in 2019 is expected to bring sops to farmers, service industry and ailing real estate and manufacturing sectors.
This is last full budget by current BJP government as next will be interim budget valid until new government is formed.
The budget 2018 will be the first one after the implementation of Goods and Services Tax (GST).
Finance Minister's budget this year will also be crucial politically as big states like Karnataka, Rajasthan Madhya Pradesh ar egoing to polls soon.
Date and time of Union Budget 2018
The Union Budget 2018 will be presented by FM Jaitley on February 1. The tradition to present the budget on the first working day of February instead of the last was implemented by the BJP government during budget 2017-18 to ensure that reforms proposed in the budget can be operative before the start of next financial year on April 1.
It is expected that the finance minister will ‘rise to present’ budget 2018 at noon.
Date for presentation of Economic Survey
Just before the Union Budget 2018, the Finance Ministry of India will present the Economic Survey in the parliament.
The economic survey is the ministry’s view on the annual economic development of the country.
A flagship annual document of the Ministry of Finance, Government of India, Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.
This document is presented to both houses of Parliament during the Budget Session. This year the Modi government will present the economic survey on January 29.
Budget session dates
The Budget Session of Parliament is set to commence on January 29. President Ram Nath Kovind will address the joint sitting of the two Houses on January 29.
The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6.
There will be a recess between the session so that the department-related standing committees can clear the budgetary proposals related to their respective ministries.