The cabinet that was sworn in on Thursday evening will see its first economic survey tabled in the Parliament on July 4. Finance minister Nirmala Sitharaman will present her first Budget in July. (PTI)
New Delhi: Newly appointed Finance Minister Nirmala Sitharaman will present her first Union Budget on July 5.
The new cabinet that was sworn in on Thursday will see its first economic survey tabled in the Parliament on July 4.
Sanjeev Sanyal, principal economic adviser in the Ministry of Finance, on Friday told CNBC-TV18 in an interview that the full Union Budget will be presented late in June or in early July.
“The Budget would more likely be in late June, early July. Reviewing what was achieved over the last five years, the major priority of the government over the last five years was re-imposing macroeconomic stability, particularly inflation, because of what had happened in the previous five years. So that was tackled successfully by creating a monetary policy framework,” Sanyal said.
Most taxpayers are looking forward to promises of tax rebates by the National Democratic Alliance-II made during the interim budget on February 1. Former interim finance minister Piyush Goyal in his budget speech had declared a complete tax rebate for those earning up to Rs 5 lakh per annum, leading to widespread cheer among the middle class.
In the Budget 2017, former finance minister Arun Jaitley had slashed the tax rate for income between Rs 2,50,001 and Rs 5 lakh to 5% from the earlier 10%. This rate cut gave a tax relief of Rs 12,500 to every taxpayer.
Laying out the government’s financial plans, Sanyal added, “The second priority is to extend last-mile delivery of services to the poor and a framework for that was created via Aadhaar, Jan Dhan and Ujjwala.”