Finance Minister Arun Jaitley had earlier this month gone to US for treatment Finance Minister Arun Jaitley will return from United States to present interim budget, top government sources told TheIndianSubcontinent.
The finance minister had earlier this month gone to US for treatment, leading to speculation that he might not be able to present budget this year.
The government is due to present budget, an interim one - last before general election due by May, on February 1, 2019.
Mr Jaitley has gone to US for a "regular medical check-up" following a kidney transplant last year.
Here are 10 things to know:The minister, 66, is expected to present this government's last budget on February 1 before Prime Minister Narendra Modi seeks a second term in a general election due by May.From a widened fiscal deficit to shrinking Goods and Services Tax (GST) collections, government faces a number of challenges as it plans income and expenses for coming months.The economy has logged growth rates of 8.2 per cent and 7.1 per cent in first and second quarters of fiscal year 2018-19 respectively.
The government estimates GDP growth at 7.2 per cent in financial year 2018-19, lower than central bank's estimate of 7.4 per cent.Fiscal deficit - amount of money by which a government's expenses in a year exceed its revenue - has already crossed full-year estimate by more than 15 per cent in first nine months of 2018-19.
Economists say pressure on government finances is mainly arising from revenue side, particularly indirect taxes.In interim budget, farm credit target is likely to be raised by about 10 per cent to a record Rs 12 lakh crore, news agency Press Trust of India reported citing sources.
For current fiscal year, government has set a credit target of Rs 11 lakh crore.Credit is a critical input in achieving higher farm output.
Institutional credit will also help delink farmers from non-institutional sources where they are compelled to borrow at usurious rates of interest, sources added.The government has said country has potential to be a $5-trillion economy in 7-8 years.
Commerce and Civil Aviation Minister Suresh Prabhu said last week that his department had prepared a roadmap to make this possible by focusing on manufacturing, service sector and agriculture.Till 2016, Union Budget used to be presented on last working day of February, but Finance Minister Arun Jaitley changed that tradition in 2017 when budget was tabled on February 1.This budget will be last before Lok Sabha polls.The parliament will meet from January 31 to February 13 for budget session.(With agency inputs) Find latest news, updates and videos on Budget 2019, Budget expectations, tax and policy announcements here.
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