The beginning of Budget Session 2019 was announced by President Ram Nath Kovind in the joint sitting at Parliament and interim Finance Minister Piyush Goyal has arrived at the Parliament with the budget briefcase in hand, ready to present Interim Budget 2019 at 11 AM, today.
Since it will be the final budget of the incumbent NDA government, and the financial agendas put up in the interim budget is the final and most decisive chance for how voters vote in the booths for Lok Sabha election – the Interim Budget 2019 has caught national attention. It is speculated that the BJP government might seize the final chance to woo middle-class, salaried class and farmers with subsidy and tax exemption plans on cards – breaking the interim budget traditions of keeping it low-key.
The speculations of Interim Budget 2019 being off-beat were fuelled as Finance Minister Piyush Goyal stated just a day ahead of the budget date that a “budget is a budget”, and there is nothing like an interim budget or a vote-on-account. Clearing the air about this, PM Narendra Modi assured to Opposition parties that what will be tabled today, on February 1, 2019 will be an interim budget – which, considerably means the government might not break the tradition of avoiding any major announcements or schemes ahead of general elections.
Despite these statements, the Interim Budget 2019 might have certain factors on cards to disburden the common man. One being the taxation factor – higher tax exemption limits by making it double from current Rs 2.5 lakh to Rs 5 lakh that will benefit millions. The limit for Section 80C tax deduction for investing in prescribed instruments can also be pushed farther from Rs 1.5 lakh to Rs 2.5 lakh. In a bid to woo start-ups, the government might introduce new tax concessions and benefits for companies, LLPs and partnership firms. And then there is the good-old idea of promising a cash transfer program for farmers to get back the control over the rural regions in this crucial final pre-poll chance to win back the votes, if not hearts of the voters.