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.”

- Advertisement - - Article resumes -

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.

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.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Pakistanis get scared about attack by India after seeing their own Air Force fighter jets flying over civilian areas

Several people posted on social media that India has dropped bombs over Sialkot in Pakistan
Locals even pelted stones at injured jawans

Pulwama attack: Women, children in Kashmir ferried expensive military grade RDX in small quantities for months

The trigger for the explosive was manufactured locally and that ammonium nitrate was used as an oxidizer in the RDX explosive. The military grade RDX was obtained from Pakistan and the device was assembled around 10 km from the blast site.

Congress deletes video where Rahul Gandhi was seen dancing shortly after the Pulwama attack

After Congress' lies against the Prime Minister were exposed, Congress proceeded to delete the tweet where Rahul Gandhi was seen dancing after the Pulwama terror attack.
Image Source: Twitter

Fearing India’s retaliation, Pakistan cancels leaves of its troops, uses flares to light up night sky to see movement of Indian troops

Pakistani administration has asked people to stay in underground bunkers, which could protect them from shelling or any form of attacks which could come from the other side of the border.

This is why Neena Gupta wants no one to wish Pritish Nandy even a Happy Birthday

Pritish Nandy 'stole' Masaba's birth certificate and printed in his magazine without Neena Gupta's permission

Waters of 3 rivers flowing into Pakistan will be diverted to Yamuna as per Indus Water Treaty: Nitin Gadkari

Nitin Gadkari had said that dams and other developmental projects are being conceptualised on the 3 rivers will choke Pakistan’s water supply

After Ajaz Ashraf of Caravan reduced martyrs to their caste, he shouldn’t play victim when he is reduced to his religion

In his report, Ajaz Ashraf says quite clearly that he called the martyrs of the family to in their moment of unimaginable tragedy to inquire about their caste.
Pakistan's government acts as a subordinate of its military and Islamic fundamentalists

It appears Pakistan is scared of India: Masood Azhar’s veiled threat to Imran Khan against any govt action

Masood Azhar said in his weekly address, ''Pakistan's response to Indian Prime Minister Narendra Modi's threats post Pulwama was rather lukewarm and lacklustre. It appears Pakistan is scared of India.''

Congress workers used to do booth capturing for me and my father when there was no EVM : Congress leader Kirti Azad

Kirti Azad was suspended from the Bharatiya Janata Party in 2015 after he accused senior BJP leader Arun Jaitley of Corruption.
Image Source: The Week

Mandya: Actor-turned-politician Prakash Raj attends funeral of Pulwama martyr, villagers expose his hypocrisy towards Armed Forces

Prakash Raj, a left wing ideologue, who is often known for joining hands with the left-liberals to express their hate towards Hindus and the BJP, has plans to contest in the upcoming elections from Bengaluru Central Lok Sabha constituency.

Latest articles

Connect with us

138,523FansLike
111,404FollowersFollow
23,507SubscribersSubscribe

Don't miss these