The general budget by the Union government is likely to be announced by 1st February, next year. It’s the first time this tradition has been changed as of by the last time the budget was always presented by the last date of the month. This will also give birth to the practice of a separate Railway budget.
The Union Cabinet meeting is going to be held on Wednesday, which will be chaired by the Prime Minister Mr. Narendra Modi. Here the proposal for advancing the Budget and the mereger of the railway budget will be considered by the meeting. Notably Mr. Modi has already pushed for the advancement.
According to the proposal, the entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before 1 April, the start of a financial year.
The government plans to convene the Budget Session of Parliament before 25 January 2017, present the pre-Budget Economic Survey a day or two before the finance minister reads out the Budget on 1 February.