Finance Ministry may hold allocations made in the Interim Budget
New Delhi: Finance ministry has decided that it will retain the interim budget allocations that they made to the ministries and departments, in the final budget for the current financial year, to be furnished in the Lok Sabha on July 5. Before the conduction of Lok Sabha elections, the finance ministry came up with an interim budget in February, authorizing government expenditure for a limited period.
With the new government in place and with the new finance minister Nirmala Sitharaman, a full-year budget will be presented, on 5th July. In a circular, the finance ministry also exclaimed that it would only consider additional allocations towards the comments which are unavoidable and for which funds have not been awarded in the interim budget.
Finance ministry circular has already said that the 'Allocations projected in the Interim Budget 2019-20, will not be altered.'
The Fianace Ministry also added that if there are any requirements on behalf of unavoidable commitments that have not been fully donated for in the February budget, "Ministry/Department may propose the same for consideration for addition in the Regular Budget 2019-20, with suitable justification" by Friday.
Minister of State for Finance Anurag Singh Thakur and Chief Economic Advisor Krishnamurthy Subramanian are chief members of Sitharaman's budget team.
Finance Secretary Subhash Chandra Garg heads the official team, Expenditure Secretary Girish Chandra Murmu, Revenue Secretary Ajay Bhushan Pandey, DIPAM Secretary Atanu Chakraborty, and Financial Services Secretary Rajiv Kumar.
In her budget, the 59-year-old JNU alumnus, Sitharaman will have to address slowing economy, financial sector troubles like rising NPAs and liquidity crisis in NBFCs, job creation, exports revival, private investments, raise public inv. and agrarian crisis.
From June 17- July 26, the first session of the newly elected 17th Lok Sabha will be held.