Sunday, September 20, 2020
Home Government and Policy Interim Budget may go beyond conventional vote-on-account, indicates Finance Minister Arun Jaitley

Interim Budget may go beyond conventional vote-on-account, indicates Finance Minister Arun Jaitley

Arun Jaitley did confirm that in order to deal with a few economic challenges, which would be in the interest of the country, the Government might deviate from the election year convention

Finance Minister, Arun Jaitley, while addressing at the Indian Business Leader Awards function, through video conferencing, organised by CNBC-TV18, on January 17, dropped strong indications that the Interim budget 2019 may go beyond the convention and be more significant than a vote on account.

This came at the backdrop of speculations on whether Jaitley, who is currently in New York, for his medical treatment, would be available to present the crucial February 1, interim budget.

However, dropping no hints that he would be unable to perform the crucial task, Jaitley was quoted as saying, “The convention has always been that the election year budget normally is an interim budget and ordinarily there should be no reason why we should move away from that convention. But then the larger interest of the economy always dictates what goes into the interim budget and that is something which cannot be discussed or disclosed at this stage.”

Traditionally there are no big announcements in the Interim Budget but, some sources have revealed that the union government is thinking of introducing direct cash benefit scheme for farmers and is planning to introduce certain tax benefits for the middle class as well.

- Advertisement -

Rubbishing doubts that he is under pressure to present a populist budget after the recent election defeat in three states and ahead of general elections in April-May, Jaitley said: “The 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 the last few years.”

However, Arun Jaitley did confirm that in order to deal with a few economic challenges, which would be in the interest of the country, the Government might deviate from the election year convention.

He suggested that issues confronting the farm sector would constitute one such challenge, which can cause the government to take a detour of convention and pointed to the problem of high production and slower rise in prices of key agriculture products.

Though the reference to the farm sector is seen to be crucial as the government might be under pressure to announce measures for the farm sector which is linked to more than half of the population, however, Jaitley made it sufficiently clear that the government will stick to its path of fiscal prudence.

“I have always believed that fiscal discipline is always rewarded. In the past when governments have not stuck to it, we have seen the consequences,” the minister said. But he also added that in “unusual situations”, a deviation from the fiscal consolidation path might be required, which was understood by the markets and analysts.

Along with addressing the issues pertaining to the farm sector, Jaitley also showed concern about the growth rate. As per the report, Jaitley said the 7-7.5 per cent growth rate will not suffice and the eight per cent barrier would have to be crossed. However, Jaitley did say that the problems could not be addressed through “negative politics”. He added that the “nawabs of negativity” may come together but they wouldn’t hold together or have enough credibility.

Though Jaitley refrained from expressing any view on any rate cut, he did specify that India cannot have a real rate of interest that’s higher than anywhere else in the world.

Addressing to the recent grievances between the government and RBI, which saw Urjit Patel’s resignation nine months before the end of his term as governor, the minister said that the central bank and the Centre have often had different points of view but it has been resolved through consultations.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Is Govt doing away with MSP? PM Modi fact-checks Rahul Gandhi as he spreads misinformation and panic over agriculture Bills

Prime Minister Modi as well as other ministers took to social media to put out the facts and bust the misinformation being spread regarding MSP

China invades Nepal, constructs eight buildings in Nepalese territory: Reports

With expansionist policies in place, China has continued to invade Nepal inch by inch and constructing buildings on the captured lands.

HW News Network: The digital news outfit facing I-T probe with expenses eleven times the revenue and mysterious source of fund

While the revenue of Theo Connect that owns the HW News was just Rs 54 lakh in the year 2018-19, its expenses were Rs 3.23 crores

Watch: TMC MP Derek O’Brien heckles and attacks Deputy Chairman Harivansh as Rajya Sabha passes agriculture Bills

TMC MP Derek O'Brien on Sunday, entered the well and climbed the dais of the Rajya Sabha Deputy Chairman in an attempt to halt the proceedings of the house.

Customer orders jhatka chicken, BigBasket sends parcel with both jhatka and halal labels, refunds money

BigBasket had earlier come under fire for selling discriminatory 'halal' only products. After severe backlash, BigBasket made 'jhatka' meat available on its website.

From ‘she is a small-time actress’ to ‘you are the biggest feminist’, defence pours in for Anurag Kashyap who is accused of sexual assault

Accusing Anurag Kashyap of sexual assault, actress Payal Ghosh stated, "I went to meet him and the next day when he took me to the other room, he opened his zip and tried to force his c**k (penis) inside my vagina by opening my Salwar Kameez.

Recently Popular

‘He opened his zip and tried to force his c**k inside my vagina,’ actress Payal Ghosh accuses filmmaker Anurag Kashyap of sexual harassment

Actress Payal Ghosh has claimed that she was sexually harassed by filmmaker Anurag Kashyap and called him a hypocrite.

An eyewitness tells media that Disha Salian was gang-raped by 4 men in the party held on the eve of her death: Here are...

An eyewitness has told News Nation that Disha Salian was gang-raped by 4 men in the party which she attended on the eve of her death on June 8.

Devendra Fadnavis exposes how ABP Majha abruptly ended his interview, shares video of parallel recording he had arranged anticipating foul-play by the channel

Devendra Fadnavis had alleged that his interview was cut short midway while he was explaining centre's help to Maharashtra on GST credit

Delhi Police arrests journalist Rajeev Sharma for possessing classified defence documents, had written for Chinese mouthpiece GlobalTimes

Rajeev Sharma had written several columns for Chinese newspaper Global Times, the mouthpiece of Communist Party of China for the last several years.

From ‘she is a small-time actress’ to ‘you are the biggest feminist’, defence pours in for Anurag Kashyap who is accused of sexual assault

Accusing Anurag Kashyap of sexual assault, actress Payal Ghosh stated, "I went to meet him and the next day when he took me to the other room, he opened his zip and tried to force his c**k (penis) inside my vagina by opening my Salwar Kameez.

Fact Check: Is India going under lockdown once again from September 25?

PIB has debunked rumours on social media about the reimposition of lockdown from September 25 in the wake of Coronavirus surge.

Woman alleges gang-rape at a five-star hotel in Connaught Place in Delhi, one arrested

The woman said that she was lured to the hotel room by the promise of loan at a very low interest rate, where she was assaulted and raped

‘Meaningless to play such a petty trick’, Chinese state media Global Times defends Rajeev Sharma, the journalist caught spying for China

Global Times has come out in support of Rajeev Sharma, who was arrested for passing sensitive information to China.

Watch: Maldives Foreign Minister speaks in Hindi to thank India for $250 million package during Coronavirus pandemic

Maldives Foreign Minister Abdulla Shahid thanked India for financial aid provided to the island nation to fight Coronavirus pandemic

AIMIM Chief Asaduddin Owaisi attends annual conference of Hamas-linked Islamic association, claims RSS was inspired by Nazis

Asaduddin Owaisi accused Bhartiya Janata Party (BJP) and the Modi government of being part of a larger movement known as Hindutva

Sudarshan News refers to programs on ‘Hindu Terror’ and ‘saffron terror’ by NDTV in its affidavit on ‘UPSC Jihad’ submitted at Supreme Court

Sudarshan News said that in programs on 'Hindu Terror', NDTV used Hindu symbols and saints in saffron clothes with Trishuls, Tilak etc

Shiv Sena, NCP dismisses CBDT investigation against Uddhav Thackeray, Aaditya Thackeray, and Supriya Sule, calls it a ‘routine exercise’

EC had asked CBDT to probe allegations of 'fake poll affidavits' against Supriya Sule, Uddhav Thackeray and Aaditya Thackeray

India-China standoff: Indian Army makes a major breakthrough, occupies 6 strategic heights along LAC

To counter India's strategic position, the Chinese regime has deployed 3000 army personnel, near Rechen la and Rezang La heights.

Is Govt doing away with MSP? PM Modi fact-checks Rahul Gandhi as he spreads misinformation and panic over agriculture Bills

Prime Minister Modi as well as other ministers took to social media to put out the facts and bust the misinformation being spread regarding MSP

Union Home Ministry tables FCRA amendment bill at the Lok Sabha, proposes to bring more transparency and accountability in the functioning of NGOs

Home ministry introduces FCRA amendment bill in Lok Sabha, several changes made in regulation of NGOs receiving foreign fund

China invades Nepal, constructs eight buildings in Nepalese territory: Reports

With expansionist policies in place, China has continued to invade Nepal inch by inch and constructing buildings on the captured lands.

Connect with us

244,181FansLike
453,943FollowersFollow
16,200SubscribersSubscribe