{"id":54969,"date":"2019-01-18T18:09:02","date_gmt":"2019-01-18T12:39:02","guid":{"rendered":"https:\/\/apnlive.com\/?p=54969"},"modified":"2019-01-18T18:22:43","modified_gmt":"2019-01-18T12:52:43","slug":"interim-name-election-budget-offing-may-leave-massive-burden-next-govt","status":"publish","type":"post","link":"https:\/\/apnlive.com\/politics\/interim-name-election-budget-offing-may-leave-massive-burden-next-govt\/","title":{"rendered":"\u2018Interim\u2019 only in name, an Election Budget in offing; may leave a massive burden for next govt"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]What many have been speculating has been given added credence by Finance Minister Arun Jaitley<\/a>: that the interim budget \u2013 an outgoing government presents only a vote on account rather than a full-fledged budget \u2013 would be much more than that.<\/p>\n

It would be an Election Budget and it may make the previous budgets under Narendra Modi<\/a> government look like interim budgets. The measures planned by the government are likely to leave the successor government with a bill of over Rs 1 lakh crore, according to a report in The Economic Times (ET).<\/p>\n

Speaking at CNBC-TV18\u2019s Indian Business Leader Awards on Thursday, Jan 17, Jaitley, via video conference, said the government could break with convention and make the February 1 exercise more significant than a vote on account.<\/p>\n

There is speculation that the government is studying various options, including a cash handout for farmers, to ease their distress and to shore up popular support before the national election that’s due by May. The government has already exceeded its budget deficit targets in October.<\/p>\n

Jaitley, while dismissing fears that he is under pressure to present a populist budget after the recent election debacle in three states and ahead of general elections in April-May<\/a>, ended up confirming the government\u2019s worry and nervousness.<\/p>\n

Jaitley said: \u201cThe NDA (National Democratic Alliance) government had been in this game for far too long to have nervousness about the budget. We are confident and proud of our performance over the last five years. The NDA government has succeeded in restoring the credibility of the economy and its decision making process over last few years\u201d<\/p>\n

In a regime that tends to equate \u2018nation\u2019 and \u2018nationalism\u2019 with itself, Jaitley said, \u201cConvention has always been that election year Budget is an interim Budget. The larger interest of the nation dictates what will be a part of the interim Budget.\u201d<\/p>\n

\u201cIf we look at the big picture there have been successes that we have seen in the last few years. There have also been challenges. Therefore, without getting into the specifics, because that would really be disclosing the mind with which we are working, some of those challenges cannot afford to wait,\u201d Jaitley said.<\/p>\n

The government has recently announced a series of measures to try to win over farmers, small business owners and the less well-off, after the BJP suffered setbacks in state elections and with a general election due in months.<\/p>\n

The measures are likely to be a drain on finances when Modi government is trying to stick to a decade-low fiscal deficit target of 3.3 per cent of the gross domestic product (GDP).<\/p>\n

It has, however, promised even more perks ahead of the general election due by May.<\/p>\n

\u201cThey will be for development, they will be for transformation,\u201d Union Law Minister Ravi Shankar Prasad had said in Parliament, saying people should more \u201csixes during the slog overs\u201d. Translated, it means more inducements for the electorate when elections are near.<\/p>\n