Modi Clears Early General Budget to Get Approval Before 1 April

Prime Minister Narendra Modi, BJP President Amit Shah and Finance Minister Arun Jaitley at the BJP Rajya Sabha MPs meeting in New Delhi on Wednesday. (Photo: PTI)

Prime Minister Narendra Modi on Wednesday approved the idea of advancing the introduction of general budget in the Parliament in the first week of February, according to a report in The Indian Express. This step has been taken to ensure that it is convenient to receive Presidential approval on the budget before 1 April.

The Prime Minister approved 30 March as the date to avoid fiscal pendency in May and June. It would end the uncertainty on various tax proposals presented in the Finance Bill as taxpayers would know the exact provisions before the fiscal year starts.

Source to <i>The Indian Express</i>

According to officials, the tentative plan is that after the general discussion, the House would be adjourned for three weeks instead of a month to allow the 24 departmental Standing Committees of Parliament to examine the Demand for Grants and submit their reports. 

Once Parliament reconvenes in the first week of March, the Lok Sabha would be given a fortnight to vote on Demand for Grants. This would be followed by a vote on the Bill to provide appropriation out of the Consolidated Fund of India.

Source: The Indian Express