Interim Budget could contain farm income support package; funds for stuck realty projects
Finance minister Piyush Goyal will present the Interim Budget for 2019-20 amid heightened expectations that he will announce an income support scheme for distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs.
The budget, the last before April-May Lok Sabha elections, will be keenly watched for cues about the government’s intent on creating jobs, in the face of the latest set of data showing four-decade high unemployment rates, stirring up the political cauldron.
Rashesh Shah of Edelweiss believes the economy is poised for good times. In an interview with CNBC-TV18, he seemed confident the government will stick to the FY19 fiscal deficit target of 3.3%. Government borrowing plan for the next year will be important to assess market liquidity, he said, adding, crude fall, postponing expenditure will help in meeting the fiscal deficit.
JUST IN | Union Cabinet to meet ahead of the Interim Budget 2019 presentation in the Parliament today, reports ANI.
"When Piyush Goyal rises to present the Interim Budget today, it marks his stellar rise from being the BJP's treasurer when the party was in opposition to now being the Railways and Coal minister, besides interim Finance and Corporate Affairs ministers. Insiders attribute his rising clout in the BJP to his strong connections in business circles as well as his impressive execution skills" - Nazim Khan, Senior Editor, Moneycontrol.
"Market appears to have discounted some populist measures in the Budget. But Budget is not the big trigger for the market in the short term; that trigger will be the outcome of the general elections. There could be a knee jerk reaction on either side depending on the announcements in the Budget, but that will likely be short-lived" - Santosh Nair, Editor, Moneycontrol.
Throwback Budget 2000: Yashwant Sinha's Millennium Budget was a shot in the arm for IT industry
In the first budget of the new millennium, the then Finance Minister Yashwant Sinha earned a lot of flak for not introducing long-term economic reforms, but where he scored was on making the India a software export hub. In his Budget speech, Sinha laid out his objectives, one of them was to “strengthen our role in the world economy through rapid growth of exports, higher foreign investment and prudent external debt management.”
Interim Budget 2019: Here's a wish list from the real estate sector
Three days ahead of the Interim Budget 2019, real estate developers are hoping that the government would rationalise the Goods and Services Tax slab for properties that are under construction and bring the stamp duty within the purview of the GST.
Home buyers wish that the government would take steps for the creation of a stressed asset fund to deal with the issue of incomplete projects and provide an EMI holiday to those whose houses have been facing undue delays.
Interim Budget 2019: Measures that could boost MSME banking space
Interest subvention for customers with a good track record in the MSME space tops the charts of expectations by brokerages from the interim Budget for the banking space. They believe that such a move will boost loan growth in this space. Along with it, any tax benefits on general deposits, at par with other market instruments could also bring back investments into the banking space.
While it is widely expected that the interim budget may contain tax sops and a certain package for the farm sector, there will be no Economic Survey detailing the state of the economy.
The Budget will seek Parliament's nod for spending for four months till a new government is sworn-in. The new government, elected after general elections due by May, is expected to present a full budget in July along with the Economic Survey.
The Budget documents will contain revenue and expenditure projections for the entire 2019-20 fiscal year beginning April 1, but a 'Vote on Account' will seek Parliament nod for the expenditure side.
Finance Minister Piyush Goyal will present Narendra Modi government's sixth and final Budget, which will be an interim one, keeping up with established tradition.
PM Narendra Modi looks to Budget on February 1 to shore up political base
Indian Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final federal budget on February 1, months before elections, reports Reuters. Modi is facing growing discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. A local media report on January 31 quoted a government survey as saying the jobless rate was the highest in at least 45 years, putting further pressure on the government.
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