Piyush Goyal is all set to present the Interim budget for the financial year 2019-20 at around 11 am today, Friday February 1. Both the houses of Parliament- the Rajya Sabha and the Lok Sabha, will remain in session till February 13 for the Budget Session, which began on Thursday. A total of 10 sittings are slated to take place.
This budget could be a full-fledged budget of the Modi government ahead of the Lok Sabha elections due by May this year in which tax sops for the middle class and the corporates could be expected along with a relief package to address agrarian distress and the stressed small scale industry sector.
The Union Budget 2019 will be crucial for Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) as it offers one last opportunity to announce some popular measures ahead of the elections, where Prime Minister Narendra Modi will seek a second term.
Who Formulates Budget?
The Department of Economic Affairs under the Ministry of Finance prepares the Budget in consultation with other ministries and stakeholders.
Here are the key people involved in budget making
- Union Minister Arun Jaitley
- Interim Finance Minister Piyush Goyal
- Pon Radhakrishnan, Minister of State for Finance
- Shiv Pratap Shukla, Minister of State for Finance
- Subhash Chandra Garg, Economic Affairs Secretary
- Ajay Bhushan Pandey, Revenue Secretary
- Ajay Narayan Jha, Expenditure Secretary
- Sushil Chandra, Chairman, CBDT
- PK Das, CBIC Chairman
- Atanu Chakraborty, Secretary of the Department of Investment and Public Asset Management
- Rajiv Kumar, Secretary of Financial Services
- Krishnamurthy Subramanian, Chief Economic Advisor
- Sanjeev Sanyal, Principal Economic Advisor
These officials are given strict instructions to not to speak with anybody (including their families) when the budget is being prepared and printed.