To get Presidential approvals before April 1, PM Narendra Modi clears early general budget

Prime Minister Narendra Modi on Wednesday cleared advancing presentation of general budget to first week of February. The move comes with a view to get all Presidential approvals done before the new financial year.

“The Prime Minister approved March 30 as the date to avoid fiscal pendency in May and June,” a source was quoted by a news daily.

Finance Minister Arun Jaitley had said that advancing general Budget will help improve public spending and implement tax proposals from the very start of financial year on April 1, he reasoned.

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Bringing forward the date of Budget helps in a more balanced expenditure across the year and public expenditure is a very important part of the whole development story, the finance minister added.

Offering the rationale behind the idea of advancing the Budget date, he said a lot more spendings take place in third and fourth quarters.

Once Parliament reconvenes in the first week of March, the Lok Sabha would be provided a fortnight for a detailed discussion and voting on Demand for Grants. This would be followed by a vote on the Bill to provide appropriation out of the Consolidated Fund of India.