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Things You Should Know About Interim Budget 2019

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Piyush Goyal

[vc_row][vc_column][vc_column_text]The BJP-led National Democratic Alliance government will present its last budget on February 1 before the upcoming Lok Sabha elections, which will be held in April-May this year.

The Union Finance Ministry has called it an interim budget but some of the media reports have speculated that the Government may present a full budget.

Union Minister Piyush Goyal has been temporarily given charge of the finance ministry in view of Arun Jaitley’s indisposition, will present the  interim budget.

What is an interim budget?

An interim budget is the budget of a government that is going through a period of transition.

It is quite similar to a full-budget as the government presents expenditure for the ongoing fiscal and projections for the upcoming fiscal year through it.

An interim budget is a complete set of accounts, including both expenditure and receipts, and gives the complete financial statement.

The Union government can introduce tax changes but during an election year, successive governments have avoided making any major changes in income tax laws during an interim budget.

When an interim budget presented?

An interim budget is presented by a government if it does not have the time for a full Budget or because the general elections are to be conducted shortly. So traditionally, in an election year, the outgoing government presents an interim budget. The task of framing the full budget is left to the incoming government.

Why an interim budget presented?

Governments require Interim Budgets to function during the time it takes for a new government to create its own fiscal plan. The budget for the year approved by Parliament gives the government spending rights only till March 31, the end of the financial year.

The government needs parliamentary authority for incurring expenditure in the new fiscal year until a full Budget in case it is not able to present one before the financial year ends.

Parliament passes a vote-on-account through the Interim Budget, which allows the government to meet the expenses of the administration such as paying the salaries and for its programmes.

This is until the new Parliament considers and passes the Budget for the whole year. In an election situation, the vote-on-account is usually for a four-month period.

 How is interim budget different from regular budget?

In an interim budget, the vote-on-account seeks Parliament’s nod for incurring expenditure for part of a fiscal year. The estimates are presented for the entire year, as is the case with the regular Budget. The new government has the full freedom to change the estimates completely when the final Budget is presented.[/vc_column_text][/vc_column][/vc_row]

India News

Former Maharashtra CM Manohar Joshi passes away, PM Modi expresses grief

The Prime Minister further remembered that Manohar Joshi strove to make Parliamentary processes more vibrant and participative.

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Former Maharashtra Chief Minister and veteran Shiv Sena leader Manohar Joshi passed away in the early hours of Friday morning at the age of 86. He was admitted to the ICU of Hinduja Hospital following a cardiac arrest on Wednesday.

Issuing a statement on Thursday, Hinduja Hospital stated that former Lok Sabha Speaker Manohar Joshi was admitted to the hospital on Wednesday with severe illness. The statement added that the Shiv Sena leader had suffered a cardiac arrest. Earlier in May, he was admitted to the same hospital after suffering a brain haemorrhage.

Joshi served as chief minister from 1995 to 1999. He was the first leader from the undivided Shiv Sena to occupy the top post in the state. The Shiv Sena leader was elected as a Member of Parliament and was the Lok Sabha Speaker from 2002 to 2004 when the Vajpayee government was in power.

Taking to X, formerly Twitter, Prime Minister Narendra Modi expressed grief and recalled that the veteran leader spent years in public service and held various responsibilities at municipal, state and national level. He added that as the Maharashtra Chief Minister, Manohar Joshi worked tirelessly for the state’s progress. He mentioned that the Shiv Sena leader also made noteworthy contributions as Union Minister. 

The Prime Minister further remembered that Manohar Joshi strove to make Parliamentary processes more vibrant and participative. Expressing condolences to family and supporters, Narendra Modi said that Manohar Joshi will be remembered for his diligence as a legislator, having had the honour of serving in all four legislatures. 

Deputy leader of Shiv Sena, Priyanka Chaturvedi expressed sorrow over the demise of the senior leader and extended heartfelt condolences to his family. Union Minister Nitin Gadkari said that the state had lost a cultured face of Maharashtra politics. The Union Minister recalled that he got an opportunity to work under the leadership of Manohar Joshi during the coalition government. 

Manohar Joshi began his career as a teacher and entered politics with his involvement in Rashtriya Swayamsevak Sangh and later became a member of the Shiv Sena. In 1980s, he became one of the key leaders within Shiv Sena and was known for his organisational skills.

Manohar Joshi was married to Anagha Joshi, who died in 2020. He is survived by a son and two daughters.

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India News

APCC President YS Sharmila spends night at Andhra Ratna Bhavan to escape house arrest

A video circulating on social media shows the Congress leader sleeping on a mattress on the floor of the party’s Vijaywada office. In another video, shared by party leader Manickam Tagore, other Congress leaders and workers are seen sleeping at the Congress office.

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Andhra Pradesh Congress Committee president YS Sharmila had to spend the Wednesday night at the Congress Head office Andhra Ratna Bhavan as she feared that she might be put under house arrest. The APCC President led a Chalo Secretariat protest march on Thursday morning in support of the unemployed youth of the state in Vijaywada. Sharmila announced the protest march on Wednesday morning but the police did not give permission and started putting Congress leaders under house arrest.

A video circulating on social media shows the Congress leader sleeping on a mattress on the floor of the party’s Vijaywada office. In another video, shared by party leader Manickam Tagore, other Congress leaders and workers are seen sleeping at the Congress office. Sharmila avoided going to Congress MP KVP Ramachandra Rao’s house on Wednesday night where the police allegedly wanted to detain her.

Instead she chose to stay back in the Congress office. The police surrounded the Congress office on Thursday morning and many Congress leaders and YS Sharmila sat on a dharna and shouted slogans. The APCC president demanded that YS Jagan Mohan Reddy government give orders to fill 23000 posts which he had promised to fill during his election campaign.

Addressing the protest meeting Sharmila said Elections are are just two months away and the chief minister has announced filling up 6000 posts. She said instead of holding a mega district selection committee for recruitment, he is doing a fraud. Sharmilla said the YSRCP rule is like dictatorship and anyone who protests is put under house arrest.

She said they have been surrounded by thousands of policemen. She added iron barricades have been put around them and they are being held hostage. She said those people who are raising their voices for the unemployed are being arrested. She said YS Jagan Mohan Reddy is a dictator who wants to stop them.

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India News

Congress, Aam Aadmi Party finalise seat sharing alliance for 7 Lok Sabha seats in Delhi

During the seat sharing discussion the Congress is likely to contest from North Delhi, East Delhi and Chandni Chowk, while Aam Aadmi Party will contest from South, North West, New Delhi and West Delhi. The Congress is planning to field at least 1 dalit face in New Delhi. A general category face and a woman candidate will also be fielded by the party. According to reports the Congress is likely to give AAP 1 seat in Haryana and 2 seats in Gujarat.

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The Aam Aadmi Party and Congress finalised their seat-sharing alliance for the 7 Lok Sabha seats in Delhi on Thursday. Both the parties confirmed that they had settled for a four-three seat sharing formula, with AAP contesting four constituencies and Congress on three.

The seat sharing alliance was formed after many rounds of discussions this week. During the seat sharing discussion the Congress is likely to contest from North Delhi, East Delhi and Chandni Chowk, while Aam Aadmi Party will contest from South, North West, New Delhi and West Delhi.

The Congress is planning to field at least 1 dalit face in New Delhi. A general category face and a woman candidate will also be fielded by the party. According to reports the Congress is likely to give AAP 1 seat in Haryana and 2 seats in Gujarat.

The two seats for Aam Adami Party in Gujarat – Bhavnagar and Bharuch have been agreed upon to stave off Kejriwal’s demands in Haryana, Assam and Goa. The Aam Aadmi Party will give up its south Goa constituency for the Congress. The Arvind Kejriwal-led party has a sitting MP in Goa.The signs of an arrangement became clear when Delhi Chief Minister Arvind Kejriwal turned up at lunch hosted by Congress leader Abhishek Singhvi on Sunday.

Earlier the Congress finalised its pact with the Samajwadi Party in Uttar Pradesh and has agreed to contest 17 of the 80 Lok Sabha seats in the upcoming Lok Sabha Elections. The Samajwadi Party will contest on 63 seats in Uttar Pradesh. The seat sharing pact was announced by the opposition alliance, which has been formed to defeat the BJP-led central government in the upcoming Lok Sabha elections.

The Samajwadi Party has announced three lists for the Lok Sabha elections and has named a total of 32 candidates including Akhilesh Yadav’s uncle Shivpal Yadav and don turned politician Mukhtar Ansari’s brother Afzal Ansari.

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