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Union Budget 2019: Sitharaman may retain allocations made in interim budget

Nirmala Sitharaman will present the full budget on July 5 for the financial year 2019-20.

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Finance Minister Nirmala Sitharaman and MoS Finance Anurag Singh Thakur
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The Union Finance Ministry is expected to retain the allocations made in the interim budget to ministries and departments, in the final budget, to be presented in the Lok Sabha on July 5. 

Interim Finance Minister Piyush Goyal had presented an interim budget on February 2 which authorises the government to spend for a limited period. The Lok Sabha election was scheduled for April and May. 

Nirmala Sitharaman will present the full budget on July 5 for the financial year 2019-20.  

According to PTI, the finance ministry issued a circular in which it said it will only consider additional allocations towards "unavoidable commitments" for which funds have not been allocated or earmarked in the interim budget. 

"Allocations projected in the Interim Budget 2019-20, will not be altered," said the finance ministry circular.

If there is any additional requirement of funds that have not been fully provided in the interim budget, the Ministry/Department may propose the same for the consideration for inclusion in the final budget 2019-20, with a suitable justification by Friday, the circular said.

Nirmala Sitharaman's budget team consist of Minister of State for Finance Anurag Singh Thakur, Chief Economic Advisor Krishnamurthy Subramanian, Finance Secretary Subhash Chandra Garg, Expenditure Secretary Girish Chandra Murmu, Revenue Secretary Ajay Bhushan Pandey, DIPAM Secretary Atanu Chakraborty, and Financial Services Secretary Rajiv Kumar.

The major challenges that Nirmala Sitharaman will have to address in her first budget as Finance Minister are the slowing economy, NBFCs liquidity crisis, rising NPAs, unemployment, private investments, agrarian crisis, etc. 

The newly elected 17th Lok Sabha's first session will start from June 17 to July 26. The Economic Survey for 2019-20 will be tabled on July 4, said the PTI report.

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