Finance Minister Nirmala Sitharaman will be presenting the maiden Union Budget of Modi 2.0 government on Friday, in which she is likely to kickstart the implementation of the blueprint to achieve PM Modi's goal of turning India into a $5 trillion economy.
This will be the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
While the expectations of the common man with the Union Budget high, Republic Media Network sources have accessed details of what may be announced in the Finance Minister's speech.
Here's what we can expect from Nirmala Sitharaman's maiden Budget speech:
Article 112 of the Indian Constitution defines the Union Budget as the annual financial statement of the estimated receipts and expenditure of the government for that particular year. The Budget accounts the finances of the government for the fiscal year which starts from April 1 and ends on March 31 next year. It is the most detailed report on the financial plan of the country, focusing on the expenditure and revenue to be made by the government during the fiscal year.
The budget determines how the money will be handled by the government. In a nutshell, it is a statement of income and expenditure of the government.
The Union Budget is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as Finance Minister Nirmala Sitharaman lays down the Modi 2.0 government's road map for the economy and the nation in the next five years, with boosting investments, particularly private investment, and giving an impetus to manufacturing being the prime focus. There are high expectations over relief to the common man with the rise in personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors. Also, there is expected to be a big push for infrastructure spending including on roads and railways to drive growth which had slowed to a five-year low of 5.8 per cent in the first three months of 2019.